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Getting their driver's license is an exciting time for any teenager, though they may not initially understand the large burden of responsibility placed upon their shoulders when they get that little piece of plastic for the first time. Most probably aren't all that concerned with their auto insurance needs, so as a parent, it's up to you to help your child choose a route that's best for them. You've essentially got two options - let them get their own policy, or add them to your own. So which do you choose?

Well, before deciding, first consider what factors go into determining auto insurance premiums. As the Rocky Mountain Insurance Information Association reports, companies essentially base rates on the likelihood a driver will get into a crash. Unfortunately, drivers between 16 and 19 are some of the riskiest to ensure, as they're three times as likely to get into a crash than drivers aged 65 to 69. Their relative experience on the road can make them a liability, leading to higher insurance rates for your teen.

Now, you can choose to let your kid learn the value of good driving the hard way, by making them pay for their auto insurance. If you're going that route, arm them with the right knowledge and tools - by enrolling them in a driver's education course and getting them a vehicle with a high safety rating. Also monitor their driving carefully, making sure they're not driving when they're too tired or otherwise incapacitated or taking risks behind the wheel.

On the other hand, adding them to your policy could actually save more money in the long run, according to the RMIIA. Simply let your auto insurance company know you've got a new driver in the house and they'll adjust your premium accordingly. You should still encourage your teen driver to take a driving course and make sure they're driving a safe vehicle. And good student discounts can help lower your premium even further. Having multiple drivers on your policy in general helps you save in the long run, so putting your teen on your policy could be the smartest avenue.

Ultimately, it's a decision you and your new driver will need to make on your own. And aside from the various discounts offered to new drivers, you can save on your policy by shopping around and comparing auto insurance quotes at a number of companies. Find one that offers plenty of discounts and has good rates, that way you won't be breaking the bank when your young driver gets behind the wheel.
 

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If your buying the car, then they should pay for their own insurance, this will promote them being more independent and realize that growing up means more responsibilities... then they know not to drive all crazy since they will realize if they crash the car thier insurance will go up. meaning they will have to pay for the higher rate.

MAKE THEM PAY!
 
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