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 For many families, adding a teen driver to their car insurance policy can prove to be painfully expensive. After all, insurance companies generally consider teens as high-risk drivers. Fortunately, there are a few ways to keep teen insurance costs to a minimum.
Here are a few things to keep in mind as you get ready to add your teen to the family insurance policy:
Make the grade
Typically, the higher grades a teen earns in school, the less their car insurance coverage will cost. Most insurers offer anywhere between 10 and 25% discounts for teens who maintain a B average or higher. Not only will this save you money, but it will also be a great incentive for your teen to keep up her grades. Consider telling your teen if their average drops below a B, she'll have to take a break from driving until she can make the grade.
Increase your deductible
Most people cringe at the thought of a high deductible insurance policy. However, a higher deductible often means lower premiums-and that can save you loads of money when you're adding a teen driver to your policy. Your insurance premiums will probably increase significantly when you add your teen driver, so you'll want to do everything possible to bring that premium down. You can achieve a lower premium by raising your deductible. However, if you choose a higher deductible, it's important to stress that all the drivers in your family must be extremely careful on the road. If someone gets into an accident, you'll have to pay more out of pocket before your insurance kicks in-and to top it off, your insurance rates will go up. Be sure to communicate this clearly to your teen driver.
Keep a clean record
According to the Insurance Institute for Highway Safety (IIHS), 16-year-olds have the highest rate of car crashes than drivers of any age. Sadly, many of these accidents prove to be fatal. Many teens start off driving safely, but after a few months, become overly confident and start driving recklessly to show off for their friends. It's critical to make sure that your teen is and remains a safe driver-not just for the sake of your insurance rates, but also for their safety.
If your teen has an accident or even gets a speeding ticket, your insurance rates will jump significantly. You may want to give your teen extra motivation to be safe behind the wheel. Explain to them that driving is a privilege, and if they receive a traffic violation you'll have to take away that privilege.
Consider an older car
Many parents are tempted to buy their teen a new car that includes all the latest safety bells and whistles. However, it's important to remember that new cars often mean higher insurance premiums. Consider buying an older used car for your teen or giving him or her the oldest car on your insurance policy.
Keep your policy up-to-date
Be sure to review your Valparaiso Car Insurance policy with an agent at General Insurance Services and ensure that all the information is accurate and up-to-date. Once your teen graduates from high school or celebrates his 18th birthday, your insurance rates may drop. Also, if your teen heads off to college without a car, you may be able to take them off your policy for the time being. (However, before you remove your teen from your policy, confirm that your teen will not be driving at all. It could cost you big if he were to have an accident without insurance.)
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Posted Wednesday, January 25 2012 5:15 PM
Tags : Valparaiso, Indiana, car, insurance, IN, auto, Valparaiso Car Insurance, teen
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 As the economy continues on its downward spiral, consumers across the nation are tightening their belts and trying to save money wherever they can. Unfortunately, many people don't realize that they're losing untold amounts of money by overpaying on car insurance.
If you're looking to save on auto insurance, steer clear of these common car insurance blunders:
Blunder #1: Not shopping around for the best car insurance quote
If you go with the first car insurance company that comes your way, you could be losing hundreds of dollars each year. It's worth your while to shop around and try to find the best deal out there. When it comes time to renew your insurance, it may be easy to stick with the same insurer you've had for years-but you won't save any money that way. Car insurance companies will calculate your rates differently, so you may be able to find a much better deal from someone else.
Blunder #2: Choosing your state's minimum coverage requirements
Although you may be tempted to choose the bare minimum coverage amounts required in your state, this could cost you in the long run. Just because you are in compliance with state laws doesn't mean that you're fully protected. If you're underinsured, a major car accident could wreak havoc on your personal finances. Everyone's situation and budget is different, so talk to your financial advisor to discuss how much coverage you need.
Blunder #3: Opting for the lowest car insurance deductible
In the car insurance world, the deductible is the amount of money you'll have to pay out of pocket on car repairs before your insurance company starts covering costs. Many consumers make the mistake of assuming the lowest deductible will save them money. However, this is not always the case.
Generally, if you go with a lower deductible, you'll have to pay a higher premium. In the long run, you may be able to save more money by choosing a high deductible insurance plan with a lower premium. Do your homework to figure out what makes the most sense for your unique situation.
Blunder #4: Choosing car insurance based only on cost
While you should definitely shop around for a great price on car insurance, this isn't the only factor you should consider. As you compare car insurance, look at the various benefits each insurer has to offer. Choose the coverage that best suits your needs and then compare prices.
Blunder #5: Missing out on major discounts
If you're a safe driver or if you insure your car and home with the same company, you may be eligible for a discount. Take some extra time to look into what discounts are available from various insurers. You could save hundreds of dollars this year.
Contact an agent at General Insurance Services to make sure your Valparaiso Car Insurance has you fully covered.
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Posted Thursday, December 15 2011 4:03 PM
Tags : Valparaiso, Indiana, car, insurance, IN, auto, Valparaiso Car Insurance
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 With the soaring cost of gasoline, many people are seeking more economical ways of getting around. Increasingly, people are car-pooling or taking the bus. Many city dwellers rely solely on mass transit and taxis to get around; they rent cars whenever they need to take longer trips. In at least 20 American cities, car-sharing clubs have sprung up. These clubs own vehicles that are available for hourly rentals to club members. The idea is to give people who occasionally need a car access to one without the cost and inconvenience of ownership.
In all of these circumstances, people retain the option of driving when the need arises. This is not a problem if nothing goes wrong. However, what happens if someone has an accident while using a car-sharing club vehicle? Who will pay for the resulting injuries or damage? The driver will likely assume that the vehicle’s owner has insurance to pay for any damages, and that may be true. However, there are some good reasons not to rely on the club’s insurance:
- The club may fail to pay the premium on its policy, causing the insurance company to cancel it.
- The club may fail to inform the insurance company that it has purchased the vehicle the member is driving. There is no guarantee that the club's policy automatically covers newly acquired autos.
- The club may fail to comply with a policy condition, giving the insurance company justification for denying the claim.
- The club's policy may exclude coverage for that particular loss.
- The club's insurance limits may not be high enough to fully cover the loss.
In truth, the driver of one of these vehicles has no control over the amount and terms of the club's insurance, nor can he control the club's actions in the event of a claim. These same issues will apply if he rents a car or borrows one from a friend. What is the occasional driver to do? Strange as it may sound, he should consider buying an auto insurance policy.
Insurance companies can offer auto insurance with a special policy change titled Named Non-Owner Coverage. This policy provides coverage for specifically named individuals when they use vehicles not ordinarily available to them. A standard policy written for a car owner already has this coverage, but a policy for someone who doesn’t own a car must include the special form. The policy covers the driver for:
- His liability for injuries or damage to others,
- Medical payments for relatively minor injuries he suffers while using the car, and
- Major injuries he suffers in accidents with uninsured or underinsured motorists.
Coverage requirements may vary from one state to another, so it is advisable to check with an insurance agent about the coverage in your state. Should the policyholder buy a vehicle, the policy insures the vehicle for these coverages automatically for 14 days.
It is important to understand that the liability insurance this policy provides will pay only after the vehicle owner’s liability insurance is used up. It also does not insure other family members unless it specifically lists their names. Finally, it does not insure the vehicle for collision or other causes of physical damage. An insurance agent can explain options for insuring these types of losses. Because of these coverage limitations, however, the cost of the policy may be relatively inexpensive.
Operating a motor vehicle is always risky, whether the driver owns, rents or borrows the car. Car accidents can be financially devastating. All who plan to drive at some point should make sure they have proper and adequate insurance backing them up.
To check on your own Valparaiso Car Insurance, contact an agent at General Insurance Services today!
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Posted Monday, November 21 2011 12:39 PM
Tags : Valparaiso, Indiana, car, insurance, IN, auto, Valparaiso Car Insurance
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 If your Sunday plans include throwing a party, you'd better be sure you have adequate insurance in the event of an injury claim by one of your guests. This advice stems from a new study sponsored by Trusted Choice, the independent agent's branding campaign launched by the Alexandria, Virginia-based Independent Insurance Agents & Brokers of America.
The study was conducted by TRC, an independent research company in Fort Washington, Pennsylvania. The researchers polled 1,009 adults in a telephone survey about their plans for a social gathering. Their research revealed that of 28.5 million Americans who plan to have parties in their home, 21 million do not have a personal umbrella insurance policy, making them vulnerable to lawsuits, which could result in financial ruin.The remaining seven million didn't know what coverage they currently carried.
The importance of proper coverage cannot be underestimated because in 30 states, hosts can be held legally responsible for guests who drink, drive and cause an accident. Interestingly enough, 53 percent of those surveyed said the host should be held responsible; however, most of those who responded in this manner have not taken any steps to protect themselves. The researchers concluded that people don't buy umbrella policies because they think enough coverage is offered by their homeowner and auto policies. Nothing could be further from the truth. Large jury awards coupled with substantial health care costs make it commonplace for lawsuits to exceed the liability limits on the average homeowner/auto policy.
The researchers made the following recommendations to prevent holiday party accidents and to protect homeowners from becoming victimized:
- Discuss your insurance coverage with your agent before hosting a party to familiarize yourself with your state's host liability laws, and to make sure you are properly insured.
- Limit invited guests to people you know.
- Host the party at a restaurant or bar that has a liquor license, rather than in a home or office.
- Be sure that you provide filling food for guests and alternative nonalcoholic beverages.
- Schedule entertainment or activities that draw partygoers away from drinking.
- Arrange transportation or overnight accommodations for those who should not drive.
- Stop serving alcohol at least one hour before the party is scheduled to end.
- Do not serve guests who are visibly intoxicated.
- Consider hiring an off-duty police officer to discreetly monitor guests' sobriety or handle any alcohol-related problems as guests leave.
Check with General Insurance Services today to learn just how much your South Bend Home Insurance really covers.
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 Many teens do not take personal responsibility for safe driving and continue to engage in dangerous driving behaviors, this according to a new survey commissioned by Allstate Insurance. The survey also revealed that while the majority of teens polled were making New Year's resolutions about getting better grades, or exercising more, only a small number of them were resolving to be safer drivers.
Ninety percent of the teens surveyed said they hoped their friends would be safer on the road in 2008; but only 11 percent answered that "driving more safely" was one of their personal New Year's resolutions. Thirty-four percent of teens surveyed said that they had been frightened as a passenger because the driver was being careless, but did not say anything to the driver.
Fifty-seven percent of the respondents said they had driven more than 10 miles per hour over the speed limit, 22 percent admitted to having raced another vehicle, and 19 percent reported receiving a traffic ticket. Eighteen percent of the teens surveyed said they had been a passenger in a car being driven by a teen who was under the influence of alcohol or other drugs.
While the teens that were polled were willing to break the law, they were not as agreeable to looking the other way when it came to their friends. Forty-one percent of the respondents wanted their friends to stop engaging in unsafe practices including driving without seatbelts and speeding. More than two-thirds of teens surveyed said they wanted their friends to avoid technology distractions, such as text messaging, talking on a cell phone, and scrolling through an MP3 player, while driving.
There was an important positive outcome revealed by the Allstate survey; more teenagers are familiar with driver's contracts, which means parents are taking a more active role in promoting driving safety. Approximately 30 percent of teens that have heard of these agreements have signed one. The researchers added that the dialogue opened by discussing the contract can be just as important as the signed agreement itself. However, if the contract is to be truly effective, that dialogue between parent and teen must be ongoing.
When parents start a dialogue with their teenage drivers, they can influence their child's behavior. The survey indicated that almost half of the teens polled are having 'good conversations' with their parents about the importance of safe driving. But one conversation is not enough. Such dialogue needs to be frequent and meaningful if it is to deter teen drivers from engaging in unsafe driving behaviors.
Make sure your teen is covered with South Bend Car Insurance from General Insurance Services today.
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Posted Friday, September 23 2011 1:36 PM
Tags : South Bend, Indiana, car, insurance, teen, parents, safety
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