How Should I Create My Young Driver's Policy?
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How should I create my young driver's policy?
As a parent, you might not be certain about how to insure your young driver. While the concept of insurance is the same whether it covers an adult driver or a young driver, the actual needs of the driver will vary. Here are just a few things to consider when shopping for insurance for young drivers:
- Limits: If your young driver has a used car--one that is appropriate for a new and under-experienced driver--then they may not need insurance limits that are as high as those you may have for a more expensive vehicle.
- Deductibles: Before deciding what your young driver's deductibles will be, consider who will be paying them and what that individual's income is. If you expect your young driver to pay their own deductible, then think about their income and whether or not they can actually afford to bear the burden of that deductible. If you are planning on paying the deductible, consider where the money will come from and how it might impact your budget if you both have insurable incidents at the same time and you have to pay two deductibles.
Remember, the insurance is for your young driver and should suit their driving experience and risk--but the financial burden may fall on one or both of you.