What to Do When Your Teen Starts Driving
The day your teen starts to drive is both a blessing and a curse. Youโve been toting him or her around with their friends for years. Youโre ready for your teen to spread their wings and fly. What youโre not ready for, however, is the anxiety and fear that comes with your son or daughter being on the road on their own. While youโll be spending months teaching them the basics of driving, this is a time of learning for both your teen and you.
This may not be the first thing that comes to mind when your teenager starts to drive, but a conversation needs to happen with your insurance agent. Adjusting your insurance to cover the new risk is crucial. Discuss the effects of having a new, inexperienced driver on your policy. Having this conversation will inform you about all the risks and responsibilities that come with your teenager becoming a licensed driver. Because your teenager is a minor, you are still financially responsible for them. You are obligated to sign for this responsibility at the time your teenager gets his/her permit or license.
What exactly does being financially responsible for your teenager mean? This puts all of your assets at risk–your home, car, savings, etc. This is because if your teen has an accident that exceeds your liability limits, the other party can hire a lawyer to get proper compensation for injuries and damage. If necessary, the judge will garnish your wages. A conversation with your agent is so important–they will help you decide whether you need higher limits to help protect your assets.
Yet another financial responsibility youโll face is if your teenager gets a speeding ticket. This will increase your insurance rates substantially. Itโs possible that with just a few speeding tickets your insurance premium could increase by up to thousands of dollars–and not just for the first year, but for up to three to five years following, potentially leading to policy cancellation.
Your knowledge of whatโs at stake is one thing. You must also make sure your teenager knows what kind of risks youโre facing as a family. To help reduce the risks, itโs a good idea to only allow your teen certain privileges–enforce a curfew and do not allow passengers until your son or daughter is more experienced. Set boundaries and rules to help teach your teen, and allow them more privileges when you feel they are ready.
Donโt go into this blind–know your risks and be prepared to help prevent unfavorable circumstances.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Insurance Blogs
Your Life Insurance Policy: A Secret Savings Account?
Don’t Cash Out! Unlock the Hidden Benefits of Your Life Insurance Policy (Free Quote Included!)
Taming the Paper Tiger: How to Keep Important Documents Safe
Don’t Let Your Important Documents Become Disaster Snacks! Safe Storage Tips Inside
Fort Knox for Your Family: Why Life Insurance is Your Secret Weapon
Life Insurance: The Unsung Hero of Family Protection (Free Quote!)
Decoding the Grocery Aisle: Your Guide to Nutrition Labels
Mystery Solved! Unveiling the Secrets of Nutrition Labels for Smarter Grocery Shopping
Kick the Bucket List, Not the Bucket: Unleashing Your Inner Adventurer
Bucket List Blues? Unleash Your Inner Adventurer with This Fun and Feasible Guide
Life Insurance: Unraveling the Mystery (No Shady Business Here)!
Life Insurance FAQs: Unveiling the Mysteries and Myths (Without the Gimmicks!)
Life Insurance Claims: Demystifying the Process (So You Can Get What You’re Owed)
Life Insurance Claims: A Simple Guide to Getting What You Deserve
Life Changes? Don’t Forget Your Life Insurance! A Guide to Keeping Your Beneficiaries Up-to-Date
Life’s Milestones and Your Life Insurance Beneficiary: Why Regular Reviews Are Crucial
Million Dollar Dreams, Affordable Reality: Is a Big Life Insurance Policy Right for You?
Million Dollar Life Insurance: Myth or Must-Have? Exploring Your Options
No Needles, No Problem: Unveiling the Secrets of Life Insurance Without a Physical Exam
Life Insurance Made Easy: Skip the Physical, Get Covered Today!