As parents seek ways to lower the cost of car insurance for their teen driver, they sometimes consider placing their teen on a separate auto insurance policy and is a common question I get when speaking to parents of teen drivers about their car insurance. Unfortunately, many parents are advised to do this either from a friend or an insurance agent that doesn’t know what the consequences of taking this action. They think if they buy a separate policy for their teen driver, the rates for their other cars won’t go up but it can cost much more if there is an accident. Yes, the rates for … [Read more...]
