As soon as they start learning to drive, whether they are starting with a learner's permit or going straight to the license, you should inform your insurance company to have them added to your policy. This is usually much more cost-effective than placing them on their own policy, especially if you are a safe driver with a clean record. They will also be eligible for more coverage under your policy.
Statistics show that teens are more prone to accidents than those in other age groups, so starting out with the right amount of coverage is extremely important.
When your child goes to college, unless they are taking a car with them, you will probably want to switch them to "occasional drivers" under your policy. Some other considerations:
· You may qualify for a multi-policy discount if your child's car is covered under your policy.
· You may also qualify for a discount during the time your child is away at college.
· Encourage your child to earn good grades, and take a driver training course. Some insurers discount due to good grades, and for completion of training courses.
· Serve as a good role model; your child will learn by example, so it is important to demonstrate good driving habits early on (i.e. not talking on the phone, using seatbelt, not drinking and driving.)