Finance Quick Answers
I have two teenagers who will be driving within a couple of years of each other. I know insurance is expensive for teenagers, are there any ways to reduce the costs?
To get an idea of what your insurance will run when your teenagers are driving, first contact your agent and discuss the costs ahead of time. Some companies offer discounts for good students who rank in the top 20% of their class or carry a B average. Insuring more than two cars with the same company may also provide you with a discount. Some companies deduct 20% for air bags on both sides of the car. You can also lower your premium by placing your teen in an older car that has not been involved in an accident. You have the option of dropping collision and comprehensive coverage to lower the cost.
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
Last update: Monday, July 28, 2008