The TDCI has published a list of guidance to help parents navigate the industry for their kids.
The Tennessee Department of Commerce and Insurance (TDCI) has published a list of helpful auto insurance tips to help parents shopping on behalf of their teen driver kids during back-to-school season.
The goal is to ensure that the right back-to-school coverage will be found at the best price.
“As the parent of three young children, I know the back-to-school season can be hectic for students, parents, and educators alike,” said Carter Lawrence, TDCI Commissioner. “During this busy time of year, I want to encourage Tennesseans to take a moment and consider our insurance tips, which I hope might provide greater peace of mind all year long. Individuals who have insurance questions should contact our team for assistance.”
The TDCI highly recommends that parents and teen drivers inform themselves when it comes to purchasing the right auto insurance coverage for their needs, while still saving as much money as possible.
For instance, if the teen driver continues to live with their parents or legal guardians and is not the vehicle owner, they can remain on their parents’ or guardians’ policy.
The TDCI recommends that care be taken in reviewing the ins and outs of the auto insurance policy.
Parents are advised to review the deductible of the policy covering the teen driver to know for sure that it is affordable if a crash happens, and it needs to be paid before the rest of the coverage kicks in. When it comes to covering older vehicles, parents might want to think about reducing or even eliminating physical damage unless it is required by a lienholder such as a bank.
To save the most money on coverage, raising the deductibles to the highest affordable amount while having the teen driver use the oldest vehicle the family owns will be helpful. A licensed insurance agent will be able to help in ensuring that the right options have been selected for the young driver.
Other savings on auto insurance can happen by avoiding SUVs, sports cars and convertibles, among other vehicles that are known for the higher premiums associated with them.