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Six Costly Mistakes Parents Make When Buying Teen Driver Insurance

For many parents, having a new driver in the house can be scary. Of course, you worry about their safety. All parents do.

Now that you've taken every possible precaution to make sure your child drives safely, it's time to learn how you can avoid paying outrageous insurance rates and protect your family's future from a lawsuit - a lawsuit that can devastate your family's financial situation for years to come. !

In this report, I'm going to share some secrets with you that the majority of people in the insurance industry will never want you to know. This includes other agents, adjusters and especially the managers of the insurance companies themselves.
You will discover the top secrets of the insurance industry!

Why are these secrets so closely kept from the public? Because if every consumer knew about them, it would cost insurance companies dearly.
Why am I so willing to share these secrets with you? Because I can, it's good for you and it's good for my business.

You see, I don't work for an insurance company. I am not an employee who has to do what an employer (the insurance company) tells me to do. I'm a business owner who works for my clients - not a single business that keeps my mouth shut.
My clients benefit greatly from knowing the full truth about this business. They understand what their rights are and they learn the best ways to get the most coverage for the least amount of money.

Having the freedom to give my clients 100% loyalty and truly looking out for them has helped my business in many ways - the most important is that my clients trust me and are extremely loyal to me. My clients stay with me for years and even want me to help the closest people like their family and friends.
OK, let's see why you are reading this report.
The 7 Costly Mistakes Parents Make When Buying Teen Driver Insurance
Let's start with 7th place and work on the most important ...

Costly Mistake # 6

Minimum Deductibles - Your "deductible" is the amount you pay when you make a claim before your insurance "kicks in". In other words, if you have a claim of $ 1,000 and a deductible of $ 250, you pay the first $ 250 and your insurance company pays the next $ 750.

The downside of increasing your deductible is that when you make a claim, you pay more. The advantage of increasing your deductible is that your premium will decrease, sometimes up to 15% to 30% on your collision and all perils insurance.
Since the rates for young drivers are higher, the savings for higher deductibles are also higher. Usually you can save enough in a short time to cover a higher deductible if you have a claim.
So, consider increasing your deductibles, especially for the car your teenager drives!

Costly Mistake # 5

Not taking advantage of ALL discounts - Insurance companies reward drivers they believe are good risk with deep discounts. Here are some common discounts you should look out for or:
• a reduction for the safe driver
• Good payer discount
• a reduction on automatic seat belts
• a reduction on the airbag
• Reduction for 55 years and retirees
• ePolicy
• eBill
• Discount for good students or @school
• Multi-policy discount (more on this later)
Not all insurance companies offer all of these discounts. You have to find a company that does. Not taking advantage of these discounts could cost you 40% or more!

Costly Mistake # 4

Place the young driver on a separate policy - This is usually one of the first options many parents consider. They believe that if they buy a separate policy for their teenage driver, the rates for their other cars will not go up.
While this part may be true, the teen driver policy rate is increasing dramatically for two reasons. First, there will not be a multi-policy single car discount on the teenager's policy, and second, you will need to purchase a policy from a high risk insurer. "High risk" insurance companies charge rates more than double that of a standard company.
It can cost you a lot more than higher rates by placing your teenager on a separate policy!

Insuring your home and cars with two different agents. When you split up your home and car insurance with two different agents, you're most likely paying too much.
Insurance companies make more money when you insure everything with them. That is why they offer such big discounts for multiple policies. They know that if you have more than one policy with them, you're likely to stay with them longer. Which is fine, as long as you are saving money and getting good service. Right?

The problem with this is how do you know that you are really saving money? If you have a good relationship with your local agent, you'll know if they are concerned about offering you the best rate by how often they ask you to come in for policy reviews. If your agent invites you to pop into the office and review your policy for discounts to make sure you are paying th best possible price for your insurance, you'll know they are trying to save you as much as possible - all the time.

Another great benefit to using a local agent is that in rare cases, you may not want to combine your insurance with one company. Good, trust-worthy local agents will still offer to review those other policies that aren't with them to make sure you are covered properly and help you decide if you are getting all the discounts on that one, too - even if it's with another company.

Costly Mistake #3

Not taking advantage of your good credit rating- Here's a very little known secret that can save you thousands for years to come.
Insurance companies have been using credit ratings to underwrite premiums for decades now. They know that if someone is responsible enough to have good credit, they are usually more responsible drivers. So, they offer lower rates to these customers.

You can be rewarded for your good credit with special low rates for your teen driver too!

Did you know that if you have good credit, there is one insurance company that can give extra low rates for your teen drivers too? That's right. If you as a parent have good credit, they will give you special rates for your teen driver. They figure if parents have good credit and are responsible, the young driver will most likely be responsible too.
To find out how much you can save because of your good credit, call my office.

Costly Mistake #2

Lower Liability Limits to Save Money- This mistake can cause you financial disaster!
Many times parents will cut back their liability limits just to save a few bucks- thinking nothing will happen. However, teen drivers are five times more likely to get into an accident than an experienced driver, and the cost of a teen drivers claim is typically three to five times higher.

The smartest decision a parent can make is to increase the liability limits to at least 250/500/100 and add a million dollar liability umbrella. This is the cheapest way to get great coverage. You can do this and still save money.
By following all of the advice I have given you in this report, you can get quality coverage and still save money!

The # 1 Most Costly Mistake

Parents Make When Insuring Their Teen Driver Using an insurance company employee as an agent- Don't trust your hard earned dollars with someone who's not an expert in Home and Auto insurance. This agent isn't interested in your protection or saving you money. Their loyalty rests with their ability to sell you a one-size-fits-all policy that won't protect you when you need it.
You need an authority - an agent that is knowledgeable enough to understand the inner workings of policies, and that listens to you to address your true needs. The authority in your area for home and auto insurance will be easy to find. When you call to get a quote, if they ask you for your name, rank, and serial number - they are usually just doing the minimum work necessary to get you the lowest price, one-size-fits-all policy. These are the majority of insurance companies and agents out there with their name on a shingle.

When you find someone that wants to talk to you about your financial security, the safety of your teen driver, the discounts you can qualify for and the strategies you can use to help you control your rates while you have teen drivers - that's the agent you want to do business with. That's the agent that offers the best value.
The only insurance agent that can truly look out for your best interests is an authority, an expert. These agents will work for you and will go to bat for you- especially when you have a claim.

Insurance is a very technical business. Policies, coverages, endorsements, exclusions. I've studied the details: auto insurance companies with the best rates, the most discounts and the best claims service.

If you want an agent that is an expert in family protection- understanding the insurance needs of family's with teen drivers, works for YOU- not an insurance company and will work diligently to deliver you the best protection at the lowest cost, call my office for an instant quote on your coverage.