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Terrific fuel economy might draw parents to this mid-size sedan, which has tons of safety features, including stability and traction control, integrated blind spot mirrors and optional lane departure warning. The optional MyKey feature limits top speed to 80 mph and radio volume to 45 percent, which can help parents breathe a little easier when teens gets behind the wheel.
Travelers $1,056/year ($88/month) We calculated these numbers by averaging rates for 40-year-old good drivers who have only the minimum mandatory insurance in their state. Such light coverage isn't typically recommended, since it might not cover all the bills resulting from a car accident, but it's better than nothing — especially if you can't afford much more.
According to insurance experts, one way for parents to keep their costs down is to buy cars that rank high in safety tests, such as minivans and family sedans. These cars get into fewer crashes than the expensive, high-horsepower cars that appeal to younger drivers, according to the Highway Loss Data Institute, a nonprofit research organization that publishes insurance loss statistics on most vehicles.
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Typically, adding a teen driver to their parents' policy will be a cheaper alternative to getting a teen a car insurance policy on their own. The person most affected in this case is the parent, who is taking on a significant risk by adding a new, teen driver to their policy. As a result, insurance companies will increase their yearly payments. Nonetheless, the increase is still far less than the yearly price of getting a teen their own insurance.
Now it is time to ask yourself if saving a little money per month by dropping your auto insurance is worth the risk. I suppose it’s also time to bring back the parachute analogy. Driving without insurance in Texas is a bit like jumping from a plane without a chute. If you do it, you are bound to crash. Proper coverage is an inexpensive way to protect yourself in case of unforeseen accidents.
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This is the auto insurance company I use, but it’s not available in all states. American National allows you to get a quote online, in person, or over the phone. I’ve had a good experience with this company, and the standard discounts are offered, from multi-car to good student to multi-policy. I also have a discount for maintaining a good credit score and signing up for automatic withdrawal.