As a teenage driver, you’re excited to get out on the open road and not have to rely on Mom and Dad for a ride. However, Mom and Dad are a little bit more pensive, knowing that you don’t have the experience behind the wheel just yet. That’s why it’s important to have a car insurance policy that looks out for teen drivers and those on the road with them. Here are a few things to keep in mind if a teen is joining an existing auto insurance policy or if those young drivers are venturing out on their own for coverage.
Green Slip Insurance
When looking for cheap car insurance, it’s important to know that insurance rates may be edged slightly higher because an auto insurance company deems teen drivers high-risk. That inexperience as a driver impacts car insurance policies, regardless of if a young driver is getting their own policy or getting on someone else’s coverage. Top insurance companies will lay out the standard coverage options for drivers, but it’s important to remember that minimum auto insurance coverage differs across Australia.
The minimum coverage in Australia is compulsive third-party, or CTP, coverage, also known as green slip. Depending on which state you live in, it could be included in the cost of your vehicle registration, or you may have to purchase green slip insurance separately from an insurer. CTP helps cover the cost of compensation claims if you injure or kill someone in a car accident. It does not cover property damage or damage to any vehicles involved in an accident.
More Expansive Coverage
There are many options from car insurance companies beyond just the CTP minimum. Comprehensive coverage offers peace of mind to vehicle owners. Also known as full cover, it means you can be covered for a range of circumstances. This includes repair of your vehicle in the event of theft, collision, or weather-related damage, and the same coverage extended to your vehicle in the event of a car accident or property damage up to policy limits. Some companies offer extras like roadside assistance or windscreen protection.
While a comprehensive auto insurance policy is the best way to get the broadest coverage, the expense may be off-putting to college students or high school students who are on a fixed budget. You can look into an auto insurance quote that centers on third-party property protection, covering repair costs for property damage caused by your car up to certain limits. Third-party property, fire, and theft policies provide coverage for theft of your vehicle or damage to a car caused by a fire up to certain limits.
Discounts on Car Insurance Premiums
Insurance companies understand that younger drivers may not be able to outright afford certain monthly premiums for auto insurance coverage or that families may not be able to handle additional costs for these high-risk drivers. That’s where rebates and discounts come into play for car insurers. Students can receive discounts for good grades, using achievements in the classroom to score car insurance discounts.
While you may not be labeled a good driver just yet because of your lack of experience behind the wheel, car insurance rates could be brought down so long as you stay safe on the road. Avoiding car accident claims against an insurance policy can save drivers of any age in the long run. An auto policy may offer up discounts through your four-year university or through a high school. Some car insurance companies may even offer up a rebate for something as simple as going paperless with a monthly billing statement. It’s important to explore not only cheap car insurance quotes but also the savings that are out there to capitalize on.
