Many teenagers are excited to get their license, but many parents worry about skyrocketing insurance rates. CURE Auto Insurance Chief Operating Officer Eric Poe shares ways parents can save money.
“Most parents have no idea about how much they’re going to see their rates increase when their kids get their license the first time,” Poe said, “Even when they don’t buy a car for their teenage driver their rates sometimes sometimes triple the day they get their license.”
Poe said parents can save money by purchasing an older car for their child, putting the car in their name and then buying a separate policy for that car. The type of car someone drives and the age of that car affects your policy, so a child assigned to a newer and more expensive vehicle means parents could pay more for insurance.
CURE Auto Insurance reminds parents that whether or not their child chooses to drive they still must claim them on their policy to avoid insurance fraud. Poe says for the best insurance rates parents should buy an older car for the children even if they don’t hand them the keys.
For ultimate savings, Poe said that’s where CURE Auto Insurance stands out.
“We basically try to keep our rates within a certain reasonable rate, so that it won’t put a parent out of going to a second job to afford their kid who has their first license,” Poe said.