If you are a single parent, your plate can be quite full. Car insurance may be the last thing on your mind, but you may want to spend some time understanding your individual needs. When it comes to car insurance for single mothers and fathers, price is important, but the best policy is not always the cheapest. Knowing what factors will affect your auto insurance premium and how you can save on your policy can help you find coverage that suits your needs and budget.
Car insurance for single parents
When you buy car insurance as a single parent, you should think about both the coverage and the price.
Auto insurance companies often use demographics such as age, gender, marital status, insurance history and driver’s license, as well as local accident statistics, the make and model of your vehicle, the coverages you choose, and the discounts you qualify for to determine your premium.
Raising certain coverage limits can help protect your finances in the event of an accident, but higher coverage limits cost more money. Likewise, increasing your deductible for fully comprehensive or collision damage can lower your premium, but you will pay more if you make a claim on your vehicle.
Single parents and young drivers
As a parent, the day your teen or young driver gets behind the wheel of a vehicle can be terrifying, but the cost of adding your teen driver to your insurance policy can be even more frightening. Since young people are new to driving, insurance companies consider them to be one of the most risky groups on the road. In fact, drivers between the ages of 16 and 19 are at the highest risk of car accidents of all ages, according to the Centers for Disease Control (CDC). Although premiums change as your teen gets older, you can expect to pay more for auto insurance until your child is around 25 years old.
There are ways to save money on car insurance for teenage drivers. Some companies offer good student discounts for teenagers with grade averages or grade averages at or above a certain level. Many companies also offer discounts for teenagers who have taken driver training courses. And if your child is in college without a vehicle, you may be able to put a distance student discount on your policy.
Car insurance for single parents
When choosing cover for your policy, keep in mind that car insurance is a package with several different types of coverage. While some insurance plans are often required by your state and others are optional, the following types of insurance can be beneficial for a single parent:
- Liability insurance for personal injury and property damage: If you cause an accident and you do not have sufficient insurance to cover the other party’s damage, you may have to pay them out of pocket or risk litigation, which can put a significant strain on your family and finances. Instead of buying your state’s minimum limits, you might want to consider higher liability limits.
- Medical payments and / or PIP coverage: If your state offers Medical Payments or Personal Injury Protection (PIP), buying higher limits might be a good idea if you’re concerned about paying medical bills after an accident. These covers can help you and your passengers with medical costs after an accident, regardless of their fault. PIP can also cover lost wages and other expenses such as childcare. Some states require either medical payments or PIP coverage by law, and some states may offer you the option to purchase either or both.
- Comprehensive and collision insurance: By adding fully comprehensive and collision insurance to your policy, you get financial protection for damage that happens to your vehicle. If you don’t have the savings to repair or replace your vehicle out of pocket, you should consider taking out fully comprehensive insurance.
- Insurance coverage for rental cars: Rental car insurance is designed to cover the cost of a rental car when your vehicle is repaired due to an insured damage. Single parents who don’t have another vehicle at home should consider this option.
Remember that while you add these coverage to your premium, these upgrades can save you money and stress in the long run.
This is how you save on car insurance as a single parent
For single parents on a budget, saving on car insurance may be even more important than it is for many households. Just because you got auto insurance doesn’t necessarily mean you need to get a policy that breaks the bank. While there are generally no programs to assist single mothers and fathers with auto insurance, there are things you can do to keep your premium in check.
Here are a few tips on how you, as a single parent, can save on your car insurance:
The motor insurance companies each have a unique evaluation algorithm to determine your premium. Because there are so many factors that go into your plan, you will likely get a different quote from each company you call, even if the coverage is the same. Knowing what to look for from a company and getting quotes from different providers can help you find the best auto insurance for your specific situation.
Ask about discounts
Insurance companies often offer consumers a variety of discounts that could help reduce insurance costs. When buying a policy or getting a quote, go through all of your company’s available discounts to see if you’re eligible. Popular discounts for single parents can include discounts for multiple policies, discounts for good driving, discounts for no claims, discounts for vehicle safety features, and discounts for customer loyalty.
Keep a clean driving log
Although accidents do happen, making claims can increase your premium, and the increase after an accident can be substantial. Avoiding tickets, accidents, and DUI convictions can help keep your premium low by avoiding surcharges. Signing up for an accident forgiveness program before you have an accident can help keep your premiums down if the unexpected happens – these programs usually forgive the first fault-finding accident in your policy or a fault-causing damage in a certain number of years. although each carrier’s program will be different.
frequently asked Questions
Which car insurance is best for single parents?
There is no such thing as the best single parent car insurance. Every company is different and every driver has different needs, so the best insurance company is the one that best suits your coverage needs and budget.
Is car insurance more expensive if you are a single parent?
Sometimes. There are many factors that make up car insurance premiums, and marital status can be one of them depending on the state you live in and the company you choose. However, there are more evaluation factors than just marital status. The type of car insured, your driver’s license, the coverage you choose and the discounts you qualify for will all affect your premium.
How much does my car insurance increase if I add a teenage driver?
Your premium increase for adding a teenage driver to your policy will depend on the gender and age of your teen, as well as the insurances you already have, whether or not you are adding a car for your teen and whether you and your teen are entitled to discounts. However, you can expect a significant increase in your premium if you add a teen as they have no driving experience. There are ways you can save, however, and adding a teenage driver could be a good time to buy your policy from other companies.