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Consumer Watch: Saving Money On Insurance For Teen Drivers

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Reports find teen drivers crash three times more often than drivers 20 and older. Reports find teen drivers crash three times more often than drivers 20 and older.
OKLAHOMA CITY -

Reports find teen drivers crash three times more often than drivers 20 and older.

In Oklahoma -- 20 percent of teen drivers involved in an injury accident were driving too fast, failing to yield or just not paying attention. According to insurance.com -- adding a teen to your auto policy increases the price 114 percent on average.

Here are some ways to save money on their protection:

1. Ask for discounts. Most insurance companies, especially those that have been insuring your family for years, will offer safe driver, multi-car and good grade discounts.

2. Forgo the sports car. All kids want to look cool to their friends, but insuring a sedan will likely cost much less.

3. Can you skip collision? If your teen drives an older model car, it may be worth it to omit collision coverage because the cost of coverage may be more than the value of the car.

4. Increase your deductible. Increasing a deductible generally lowers premiums.

5. Let your teen borrow your car. Insuring a teen to drive your car as an occasional operator could be cheaper.

6. Monitor their driving. Some insurance companies can install a device that monitor's your teen's driving habits and reports information (e.g., instances of speeding, seat belt usage, hard braking) back to the insurer. You can also purchase a device that does not report to your insurance provider.

You can also purchase a device that does not report to your insurance provider. See Consumer Reports "How to Track Your Teen Driver"

While it will likely increase a family's premium, it's important to discuss increasing liability coverage with your agent. This will provide added protection for the additional friends that will likely be riding as passengers while your teen is driving.

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