Many teenagers would find it nearly impossible and very costly to go out and purchase their own insurance policies, so they often rely on the care insurance coverage that their parents have.
Insuring your teen drivers on your own policy can be expensive. Instead of paying for it all yourself, require your kids to contribute. This is a great way to teach them the value of working for what they want. It will also help them to see driving as a privilege, and not an entitlement. Whether they have their own car or they borrow yours, make sure they help you to defray the cost of their insurance coverage.
Encourage part-time work
Most teenagers need to be focused on school, especially if they have started college or they are trying to get into college. Working a few hours a week will not hurt them, however. In fact, it will give them a sense of purpose and a little independence. Whether they choose to work in the mall, stock shelves in a store, or serve food at the local restaurant, having a regular income will allow them to contribute to their costs of car insurance and spend whatever is leftover on whatever they want.
Let them work for you
Chores and work around the house should be expected from teenagers, especially if they are permitted to use the family car and take advantage of your car insurance. Assign weekly or daily tasks that must be completed before they are allowed to drive anywhere. You could have them babysit younger siblings, do some laundry, take care of yard work, vacuum, prepare easy meals, or clean up after dinner or on the weekends. None of these chores would be classified as hard labor, and it will instill a sense of responsibility in your teens. It will also set a good example for any other children in the house.
When it comes to placing your teenagers on your car insurance, you know you can expect a larger premium. You are also putting your personal property at risk. Set some serious ground rules for your kids when they start driving. This is no time to be flexible, and you should be clear about what is expected when your son or daughter is behind the wheel or a passenger. Make sure they are helping you pay for the insurance bill as well. A part time job or work around the house will easily work in everyone’s favor.