While being a parent is one thing, being a parent of a young adult is another. Add to it the cost of their ever increasing costs and demands. It can be quite demanding to be a parent of a young adult. Cost of raising kids, expenses on food, clothing, education, etc and added to that the extra costs such as driving lessons, obtaining a drivers license, maintenance of a two-wheeler or four-wheeler.
Any vehicle, especially a four wheeler needs to be covered adequately by insurance. Here are a few tips to get affordable and budget-friendly insurance plans for young adults:
Firstly, try to look to see if there is a possibility of making an addition to your existing policy if any. For instance, if you drive and have an insurance cover, then it would be far simpler to add your teenager as a named driver. This would be much more cost-effective and a lot easier than choosing a standalone plan. But for this to materialize you should have a fairly decent insurance cover and share a good rapport with your insurance provider.
Secondly, if you don’t have a decent insurance cover or if you are not a motorist yourself, then you have no choice but to go in for a standalone policy for your teenager. In such cases, one should always look for specialist insurance providers and go in for a good policy/plan.
Thirdly, it is imperative to discuss your teenagers driving record with your insurance provider as it would play a vital part in calculating the premium charges that you would be expected to pay. Repeated traffic violations, accidents, being issued with speeding tickets on a regular basis etc, will considerably raise the premium charges. It is always advisable to get your teen into a driver’s instruction class so you can avail the cost-effective insurance premium rates.
Another important rule is not to give into your teenager’s demand for a flashy sports car as that would attract higher premiums and higher risks. It would be wise to avoid purchasing a brand new vehicle for your teenager because it would involve higher maintenance in case of any damage to the vehicle.
Lastly, regardless of the age, one should always focus on getting a plan wherein one can set increased deductibles in order to be able to afford the cost in the event of an accident. It is always wise to invest on safety gear and safety features in any vehicle at any given point in time. Burglar alarms, anti-skid tires, anti-lock brakes, seatbelts, and airbags must be installed in the vehicle immediately in order to lower the risks, which in turn would help in reducing the premium rates.