HomeMy WebLinkAboutThe Citizen, 2005-04-14, Page 14PAGE 14. THE CITIZEN, THURSDAY, APRIL 14, 2005.
There are ways to save on teenager’s insurance
In the teenage years, the hormones
grab hold. Pimples wreak havoc to
faces, the opposite sex suddenly gets
factored into the equation and mood
swings become the norm.
One" of the most anticipated
milestones of a teen’s life is,
inarguably. getting a licence. But,
before teens hit the road full speed
ahead, they need to make the words
auto insurance part of their
vocabulary.
It’s illegal to drive without auto
insurance, and it’s unfortunately
surrounded by some daunting
statistics: the risk of crash per mile
driven is four times higher for 16 to
19-year-olds than for older drivers,
according to the Insurance Bureau of
Canada, an online car insurance
resource. That’s why auto insurance
is necessary to protect teens in case
of an accident as well as theft.
As reflected in news headlines
across the country, auto insurance
rates have skyrocketed in most
provinces. But there are ways to
purchase quality insurance without
having to sacrifice college savings.
Here are some tips from industry
experts to hep teens and their parents
save.
Teens who take a drivers'
education course do receive a
discount. There are 42 insurance
territories in Ontario, so the discount
received will depend on where the
teen resides and where they are
commuting to.
A G l is the basic licence. A person
Catch up on new
If you’re in the market for a new
car, you’ll find that automotive
manufacturers have unveiled several
new or revamped models for 2005.
in addition, manufacturers are also
promising more to come in the next
year or two.
Whether it’s a sports car, sedan or
SUV that catches your eye, a trip to
the dealership will make decision
making quite a challenge. That’s why
you should familiarize yourself in
advance with what’s new and
available this season. Here’s a look at
some new models to get you started.
SPORTS CARS
There are several new models
promising performance and
exclusivity:
* Astin Martin DB9 — Replaces
long-lived DB7 series
* Chevrolet Corvette — A new,
redesigned look with a 6.0-litre V-8
engine rated at 400 horsepower
* Ferrari 612 Scagliatti Coupe
* Lotus Elise Roadster - Makes its
U.S. debut after success in Europe
* Mercedes-Benz SLR McLaren —
Joins the elite supercar ranks
* Bentley Continental GT Coupe
WAGONS AND SEDANS
Consumers are more interested
than ever in the growing number of
sedans and wagons available,
making this a popular automotive
category for change and
advancement.
* Chrysler 300 — A rear-wheel
drive sedan that’s Hemi-powered
* Dodge Magnum wagon
* Buick LaCrosse — A new
midsized sedan
* Pontiac G6 — Replaces the
Grand Am in this category
* Volvo S40 - Sedan is remodeled
and reintroduced with wagon
companion V50.
* Chevrolet Cobalt — New
subcompact that prices higher than
the company’s current compact
Cavalier
* Suzuki Reno — Hatchback
geared toward the youth market
Luxury car manufacturers have a
series of remodeled vehicles,
including the Maserati Spyder and
Jaguar S-Type. The Cadillac STS is
brand new and will replace the
company’s Seville.
SPORT-UTILITY VEHICLES
Ever popular, the sport-utility class
has also seen some growth this year -
with this licence has a 0 tolerance for
alcohol. The holder of this licence
also needs a qualified driver with at
least five years experience in the
vehicle with them and they are not
allowed to drive on any of the 400
series highways.
A G2 is the next level and it still
has a 0 tolerance for alcohol.
After driving for a year with a G2
licence, the driver can graduate to a
full G licence.
Once teens have three years of
driving experience, they are
considered less of a risk.
Adding a teen to one’s own policy
is always going to raise the
premium, but it’s cheaper then
getting teens their own policy. Get a
few quotes before deciding on a
models
- but there’s a smaller crop of new
models available.
* Kia Sportage — Re-emerging
after a short absence
* Mercury Mariner — Upscale
offshoot of Ford’s Escape
* Hyundai Tucson - Joins the
current Sante Fe
* Chevrolet Equinox
* Nissan Pathfinder — Rede-signed
model for the new year
* Infiniti QX56 — Upscale version
of the Nissan Armada
* Jeep Grand Cherokee
Significantly redesigned this season
* Saab 9-7X — New midsize SUV
* Land Rover LR3 — Replaces
current Discovery
CROSS-OVER SPORT VANS
The term minivan has gone by the
wayside, and manufacturers are now
using the terms cross-over sport vans
or mid-vans to describe the new crop
of vans available.
* Chevrolet Uplander
* Pontiac Montana SV6
* Buick Terazza
* Saturn Relay
To learn more about any of the
vehicles mentioned, visit your local
automotive dealership.
company.
Also, ask your carrier if you can
designate one vehicle as your young
driver’s on the policy. That way the
insurance company won’t price the
premium based on the highest-risk
vehicle on your policy.
If there are three drivers and two
vehicles, the teen driver will be rated
on the car with the higher premium,
even if the .teen never drives it. But,
if there are three vehicles and three
drivers, the teen can be locked into
one vehicle as a principal driver.
Even one ticket or accident hikes
rates. More than three can threaten
teens with policy cancellation. Teens
shouldn’t even think about drinking
and driving — a DUI can get a policy
cancelled or prevent teens from
getting insurance.
Even if the policy is renewed, the
rates will be higher for the next
three to five years.
If you are thinking about buying a
car for your teen, inquire about its
rating.
There are three criteria to use.
The first is the safety of the
vehicle in case of an accident. The
second is the repairability of the
vehicle, and the third is the cost of
the comprehensive. This is now
rated by the vehicle model.
Parents are advised to go with a
vehicle they can afford and accept
the loss. A higher deductible usually
means a lower premium.
When buying cars for their teens,
parents should look at cars that boast
safety-minded features like
automatic seatbelts, airbags and anti-
lock brakes that could also bring in
discounts.
Auto insurance does not have to
drain a teen’s allowance. Parents and
teens can work together to curb auto
insurance costs, and that can make
getting a licence one milestone that
was worth waiting for.
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