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Insuring Your Home

When we started thinking about buying a home, I realized that we had a boatload of work to do. I knew that we needed to save up a down payment, talk with a mortgage broker, and most importantly--figure out what we were doing about homeowners insurance. Fortunately, a friend of mine told me about a great insurance broker in our area who handled that kind of thing. We met with her to talk about our options, and before we knew it, we had found a policy that really melded with our budget and lifestyle. This blog is all about insuring your home.




Teenage Driver In The Family? 4 Steps To Take When Purchasing Auto Insurance For Them

Now that it's time for your teen to get their drivers license, you may be dealing with some mixed emotions. On the positive side, you won't need to drive them around anymore. On the negative side, you now need to pay for auto insurance for them. Purchasing auto insurance for a teen driver can be costly, but it doesn't need to be break-the-bank expensive. In fact, with some careful planning, you can save some money on your teens auto insurance. Here are four steps you should take when purchasing auto insurance for your teen driver.

1. Assign Your Teen to a Specific Car

When you're insuring your teen driver, be sure to assign a specific car to them. The last thing you want is for your insurance company to think that your teen will be driving your high-end sports car when they'll actually be driving a used sedan that you recently purchased for them. When you assign a specific car for your teen to drive, the increased rates will only apply to that specific car, and not the more costly cars that you drive on a regular basis.

2. Utilize the Discounts

You might not realize this, but there are actually several discounts that apply to teen drivers. If you don't take advantage of them, you could be spending more on auto insurance than you need to. Some of the teen discounts include discounts for good grades, and for taking driver safety courses. There's even a discount for when your teen goes away to college. When you call to add your teen to your insurance policy, be sure to ask about all the discounts that might apply.

3. Know When to Change the Title

If you're going to be buying your teen their own car, it might be in your best interest to put the title in their name, especially if they're 18 years of age or older. You may be able to save some money by putting the car in their name and getting a new insurance policy for them alone. Talk to your insurance agent to find out which way would save you the most money. It's also important to note that putting the title in your teen's name and purchasing a separate insurance policy will help protect your insurance premiums should they be involved in an accident.

4. Don't Go with the Bare-Bones Liability Coverage

When you're trying to save money on auto insurance for your teen driver, you may think that reducing the liability coverage is the way to go. However, that's actually one of the worst things you can do. Your teen is probably going to be driving with friends in their car. If they're in a car accident, and your teen is at fault, your liability limits will need to be sufficient enough to cover each passenger in the car. If you've chosen a bare-bones liability limit, you could find yourself facing a lawsuit for the additional compensation that's required. To save money, go with the higher liability limits. You can offset the cost by opting for a higher deductible.