1. The great car insurance treasure hunt is on. Discounts are hidden deep inside.
Taking a defensive driving course or telecommuting or buying through a workplace discount program, all assure you a good discount on your car insurance deal. For teen drivers, there’s a good student discount. Don’t go by the popular perception that teens will only get the boot and higher end rates from insurance companies, student discounts are available.
2. Do teens don’t deserve their own car? The jury is out on this one….
Remember, when insurers know there is a teen on the scene, the average annual premium zooms sky high. It makes for bad financial sense to add a third car to your two-car family.
3.Good news – here’s an exception
What if you and your spouse drive swank new jazzed up cars with collision coverage? Well, then you call the shots. Reduce both premiums and increase peace of mind in the family by playing fair - get your kids a used car without collision insurance. Remember, the key word is without. Warning: it will take a lot of convincing to tell the insurer that your kid is not going to be driving your new car. If push comes to shove, get a different insurer.
4. Top it up NOW
In case you have an outstanding car loan or are leasing a car, then do the opposite of what makes common sense: top up your coverage. This helps pay the difference between the depreciated value and the amount needed to pay off the loan or lease, and it’s pretty handy too. This gap insurance has found favour with anyone in this category.