Having a teenage driver can be stressful. You worry, first and foremost, about their safety and then about the costs. And there are a lot of costs! Things like purchasing an additional vehicle, getting licensed, and paying a little more for insurance.
Fortunately, you still have options.
First you want to think about the vehicle your teen will be driving. Premiums are higher on vehicles with comprehensive and collision coverage. This pays to fix your vehicle after an accident. When you have a car that has only liability insurance (which pays only for damage your driver does to someone else’s car), you pay a lot less.
If you are purchasing a car for your teen and need to watch your budget, consider buying an older reliable model for cash that will not require comprehensive and collision coverage. We can help you weigh the cost and the risk to see if it is a good option for you.