What Is The Teenage Car Insurance Average?
The teenage car insurance average can be pricey even for young people who are responsible. The yearly average for teenage insurance is about $3,775, which breaks down to $315 a month, but it can be as high as $500 a month without a claim, depending on the company you use and where you live.
Teens who have a claim will see a rise in their insurance that ranges between 20 to 50 percent. They will also lose some discounts, which could cause their insurance to rise even more. You will pay the baseline premium plus the additional money tacked on after a claim.
Insurance companies typically start reducing car insurance premiums for teens once they turn 18 or 19 but rates drop more substantially once they turn 25 years old.
How To Cut The Cost Of Insurance For Teenage Drivers
There are ways to cut the cost of the teenage car insurance average by investing in a few things that demonstrate their safety, knowledge, and responsibility. Not every insurance company offers the same things so you'll need to inquire.
Below are four ways you can cut the cost of car insurance for teens.
1. Check into a driver's education course.
Schools once offered driver's education, but it's rarely a part of public education today. Those who don't have that option should look into a private defensive driving course or a driver skills training course. Insurance companies sometimes offer discounts for taking such courses.
2. Ask about an installed device.
Some major insurance brands will offer discounts for families installing a driver monitoring device. The device relays driving habits to the insurance company and those with regular, good driving habits will get further discounts.
Some of those devices make information available online to parents, making it a good way to keep track of your teen's driving habits and safety.
3. Ask about good student discounts.
A few insurance companies will offer discounts for students who have good grades or who volunteer in the community. It doesn't hurt to ask if that would apply to your teen.
4. Pay the premium upfront.
Some insurance companies will offer a discount if you pay the six-month premium all at once.
Need Money Now?
Teenagers can be expensive and getting started with insurance premiums, when you already have urgent bills that need to be addressed, can be difficult if there are out-of-pocket costs. Those who need some short-term financing to pay off their debts before they can afford to get their teen driving can check out the loan options available with Mississippi Title Loans, Inc.
This private lender offers title loans, payday loans, and signature installment loans. They welcome those with all types of credit and have a wide range of amounts that you may qualify for.
When applying for title loans you can be approved for amounts between $300 and $2,500. You need three things to qualify for this type of loan including; a driver's license or state-issued identification, a clear title to your vehicle, and the vehicle itself for inspection.
Payday loans range from $100 to $400. The requirements for an option like this are a driver's license or state-issued ID, your current pay stub, and a blank check from an active checking account listed in your name.
Signature installment loans have a maximum amount of $1,250. For this loan option, you will need a driver's license or state-issued ID, proof of income, and a checking account statement in your name to be eligible.
Bad Credit No Problem
One positive benefit of these types of short-term financial options is that even those with bad or no credit can pursue them. Those who are turned down by traditional banks can usually get approved for these types of loans.
How To Move Forward
It's easy to get started with Mississippi Title Loans, Inc. Just fill out the inquiry form on the website with your basic information. It will be sent securely to the nearest store location and a representative will call you soon after.
The representative will talk about the loan processes and help you make an appointment. You can choose the location to meet a store representative to finalize a title loan request but you will need to visit a store location to process requests for payday and signature installment loans.
Finalizing a loan request can be done in as little as 30 minutes with cash accessible to you either the same day or the following business day. It's a hassle-free process that you can use to meet immediate needs. That means you can access the urgent money you need to settle your bills, making it possible to cover the cost of insurance for your teenage driver.
Get Started Today
Paying the teenage car insurance average cost is expensive upfront but paying in full could save money down the road. Mississippi Title Loans, Inc. can help you address any urgent financial matters you need to offset the extra expense of car insurance premiums.
Fill out the online inquiry form to speak with a loan representative about the loan options available for your urgent expenses. Submit the form now to get a callback today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.