With graduation season coming up, you may be thinking about going to your used car dealer and getting your graduate one of quality cars as a gift. That’s a great idea, but one of the costs you may not have considered is insurance. Here are some tips for insuring your teen driver in their new used cars without paying too much for insurance.
• Put the vehicle on your policy. If your graduate is going to continue living with you, you can simply add it on to your existing policy. It’s much cheaper this way. Many times you can also do this if your graduate is going to live on campus at college, too.
• Call your insurance agent about various discounts. You may be able to pay lower premiums if your graduate had excellent grades, resides on campus at least 100 miles from your home or for other factors.
• Consider a separate policy for your graduate driver. If your teen has a bad driving record, it’s going to be cheaper for you to get a separate policy for them.
• Choose a car that is less expensive to insure. Four-door cars are less expensive to insure than two-door cars. Some companies even charge more for four-wheel drive cars, too. Consider this when deciding which used car to give to your teen driver.
Use these tips when insuring your teen driver in your used cars and you won’t need to break your budget by doing something nice for your graduate.