A few insurance companies in the market give benefits to teenagers. In fact many companies offer lower premiums to students who get good grade or those who perform exceptionally well in their academics. However, not many companies like to give cheap car insurance for teens.
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The most important differentiation is made between ‘safe’ and‘unsafe’ teenager by referring whether he lives away from home or at home with their parents. This is done because by living away the risk of theft or damage to a car that is left in a car park is much higher. This means that the insurance firm has to carry a greater risk.
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It would be better if the teenagers take a car insurance policy themselves under their own name and not be named drivers under their parent’s policies. They are not actually doing themselves any favors in the end, as they are not earning any “no claims bonus” in their own names. Doing so would mean a huge saving in the future when they take out an insurance policy in their own name.
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