Some parents dread the idea of having to insure a teen driver. They fear it will drive up the cost of coverage, but that doesn't have to be the case. There are several steps you can take to provide coverage for your teen driver while still keeping your rates low. Here are just some of the many options to consider:

Increase Your Deductible

If you are okay with spending a little more out of pocket in the event of an accident, consider increasing your deductible. The higher your deductible is, the lower the overall cost of your insurance can be. This is because high deductibles mean less money for the insurance company to pay out on a claim. For families that can't reduce rates in other ways, an increased deductible can be the perfect solution. Work with your agent to weigh the cost savings with what you can actually afford to pay if there is an accident before you settle on a new deductible amount.

Add The Teen To Your Policy

Purchasing a separate policy for a teen driver can be expensive, but insurance companies will sometimes extend benefits to parents who add children to their own existing policy. The idea behind this is, in part, that parents who are responsible for the insurance payments will likely encourage their children to be safer drivers to avoid increases in insurance premiums. If you're a long-time customer, you may even be able to stack other discounts on top of each other to offset the cost of adding your child to the policy. For example, you might be able to combine safe driver and multi-line discounts, which can help cover the increase in premiums that come from adding a teen driver.

Stick To Safe, Dependable Cars

Chances are that buying a new teen driver a sports car isn't going to be the best idea. Having a flashy, expensive, or sporty car might tempt a young driver to take chances he or she might not otherwise take on the road. Instead, make sure that any car you purchase for your child is safe and dependable. Your insurance company will also approve of this idea, and you may see the difference in the cost of the new premium payments. Insurance companies sometimes tend to base rates on risks, and putting a teen driver behind the wheel of a fast car would definitely equal a risk. If you already own a sports car or similar vehicle, you can also exclude your child from driving it on the policy. This can also keep rates down, but remember that your teen won't be covered if he or she decides to drive it when you aren't looking.

For more information, get in touch with an insurance agency today.