Getting a driver’s license is a right of passage that every kid looks forward to, and leaves many parents frantic.  Adding a teenage driver onto your car insurance policy will inevitably raise your rates, since teens are more of a liability to insure.  However, you can still find cheap car insurance even after adding a teen driver to your car insurance policy.

Good Student Discount – Cheap Car Insurance

Most insurers will offer discounts (often from 10-25%) for teen drivers that maintain a B average or better.  This could be seen as an incentive to your teenager to keep those grades up; tell them that if they dip below that B average, their driving privileges will be revoked!

Clean Driving Record – Cheap Car Insurance

Unfortunately, the statistics don’t lie.  According to experts, the crash rates for 16 year olds are approximately three times higher than those for 19 year olds, and nearly 6 times higher than for drivers aged 20-24.  Hopefully your teen driver will be an exception to this statistic which will help keep your car insurance affordable.

Higher Policy Deductibles = Cheap Car Insurance Rates

Raising your car insurance deductible can help you make a cheap car insurance policy even cheaper.  After adding a teen driver to your car insurance policy, raising your deductible from $250 to $1,000 can help reduce your overall premium.  On the flipside, any accident your teen does get into will cost you more out of pocket.  It’s important to stress to your teen the financial responsibilities that come with their driver’s license.

Older Cars = Cheap Car Insurance

If your insurance company lets you assign drivers to your cars, assign your teen (and have them drive) the oldest car on your policy.  And to keep your costs down until your teen driver is older and therefore not costing you as much to insure, you and other drivers on your policy should consider not buying new cars.  That way you can keep your premiums down for all the cars covered on your policy.

Find Cheap Car Insurance – Compare Quotes

Make sure you review your policy at least once a year to make sure all the information is up to date.  For example, your rates could go down once your teen graduates from high school or turns 18.  Or, if your college student does not have a car at college with them (and doesn’t drive when home on holidays), you could take them off your policy.  Just make sure they are really not driving, because if your uninsured teen gets in an accident without insurance, that could really cost you.

While it may be hard to find cheap car insurance after adding a teen driver to your car insurance policy, comparing multiple online car insurance quotes can help you find the cheapest policy possible.