Insurance companies generally believe that cars driven by teenage drivers hold a higher risk of being involved in accidents than those that are driven by adult drivers. Due to this belief, the policies for auto insurance in the case of teenagers cost a lot more than a general auto insurance policy. However, it is possible for an investor to get an affordable insurance policy for a teenage driver. For the achievement of this, a few important steps should be followed.
The most basic way to save on the premium is by not taking the policy in the name of a teenage driver. The policy could be issued in the name of an adult driver. If the insurer does not require knowing about any teenage driver in the house then they need not be told about the fact. This would mean that the investor would need to pay a premium that is not as high as it would be if the policy was issued in the name of the teenage driver. A lot of insurance companies take the premium payer as the driver of the insured vehicle; in this case they would not ask whether the covered vehicle is going to be driven by any other family member.
If the investor does not wish to hide facts from the auto insurance company, another money saving method is to recommend the insurer to check the credentials of the teenage driver. The auto insurance company can demand to check how the teenage driver has performed in the driving test for obtaining a driving license. On the basis of the performance in the driving test, a lot of insurance companies choose to give an affordable policy to those teenage drivers who they think may drive responsibly and safely.
Some auto insurance companies also take into consideration that the teenager is going to drive. If the car to be insured is an expensive one then the premium to be charged would also be on the higher side. On the other hand if the teenager is expected to drive a cheaper vehicle then there are possibilities that the insurer might offer a policy that requires the investor to pay a lower premium amount. Though it is generally found that obtaining a cheap auto insurance policy for a teenage driver is difficult, still it is not entirely impossible.
