May 2004 (Newstream) -- Summer is almost here, which means teenagers across the nation will be out of school and looking to drive their parents' car. But if a teenager gets into an accident, it is most likely that the parents' savings will be on the line. That is why families need to make some critical decisions before their teen hits the road.
If a parents' car insurance does not have enough coverage, then their assets are at risk if their teen gets into an accident. Parents need to be certain their assets are protected in an accident by having enough liability coverage to pay for injuries or damages caused by their teenage driver. However, parents who add their child to an existing policy may be shocked at the extra cost for insuring their teen. The cost is so high because teenagers are a higher risk for accidents - they make up seven percent of all drivers, yet suffer 14 percent of the fatalities from car accidents.
To save money on insurance premiums, parents can elect to change deductibles.
Teens can also help lower their rates by getting good grades, maintaining a
clean driving record and taking drivers education classes. But, perhaps the best
way to protect against an accident is for the parent to talk to their teen -
establishing clear guidelines and keeping your teen driver accountable.
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Produced for Allstate
CONTACT:
Scott Michaeloff, 212-980-9090