Cost of Your Cheap Car Insurance

Every teenager is looking to get a driving license, which is a right way to start driving automobiles. But this leaves many parents agitated. cheap car insurance could be a costly affair for parents wallet. Though there is no such policy while taking a car insurance in India, the European and American insurance companies keep higher rate of insurance for teenagers. Also, since the teens are more liable to insure, the addition of teenage driver onto your car insurance in India will lead to an increase in rates.

At 25, insurance rates normally begin to decline, and the middle aged drivers enjoy the low cheap car insurance and lowest rates. But, the insurance rates start creeping up again in the old age. The reason for high car insurance for teens is the increase in the accidents. Insurers charge higher rates for teens than others, but there are few ways that might help you save some money.

As mentioned earlier, insurance or car finance in India is comparatively cheaper than in Europe or US since we don't have different rates and policies for different age groups.

Here's how our European can save some bucks on teenage insurance.

Encourage your child/teen to study hard and score more

Insurers in many developed countries offer huge discounts when teens earn top grades. Some insurance companies offer discounts for teen drivers that secure B grade or even better. With good marks, students can avail up to 25 per cent good student discount. This additional discount is basically an incentive to students to keep their grades up. If a teenager marks below B average, the driving advantages will be abolished.

Enroll your teen for a safe-driving course

Accident and causality rates for teens, around the globe, are very high compared to drivers in other age groups. In order to avail low cost car insurance, your kid needs to maintain a good driving record with no crash or accidents in past. Parents need to enroll their kids to driver’s training class, which will further help students get their driving license.  Many insurers are now offering driver safety courses to teach teens and inexperienced drivers.

Safety Features

With the additions of advanced safety features in your car, the insurers can offer additional benefits on insurance quotes. It is advisable to wear seatbelt and asking teenagers too to do that. Make sure your car features all the important safety equipment like anti-lock braking system, anti-theft devices, etc.

Discounts on students studying in different cities

Big changes are expected in the lives of teen drivers when they turn 18 and graduates from high school. Many insurance companies offer temporary discounts on policy if teens attend school or colleges which are far away from home.

Buy an old car for teen

Normally, parents look to purchase a new car equipped with all the safety features for their kids, but the insurance for newer cars are more expensive. Car finance on new cars is comparatively higher, so it is advisable to give an old yet safe car to your teen and make sure this information is shared with insurer. Moreover, you can opt for used car to avail low cheap car insurance.

Use of new Technology

Interestingly, few insurance companies are offering discount if you add some monitoring system in teenager's car such as a GPS tracking device.  Other devices include built-in sensors that identify things including sudden braking, acceleration, etc. Moreover, one can also fix a camera that only activates when sensors detect risky behavior of a teenager.

Source:http://www.cartrade.com/blog/2015/car-finance/cost-of-your-teens-car-insurance-1169.html