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So, your teen is ready to get their license. It’s an exciting time for them! And maybe for you too, although you may have a number of concerns when it comes to adding a less experienced driver to your insurance plan. There’s the matter of their safety, whether or not they will break certain rules and restrictions on the road, as well as how they will affect your car insurance rates.

Keeping a teenage driver covered under an insurance plan can be extremely expensive, but going without insurance is not an option. While adding a teen driver may be pricey and stressful, there are many ways to lessen the cost. Below are just a few ways you can keep costs down while sending your new driver out on the road.

Mentor by Practicing Good Driving Habits Yourself

If you’re not practicing good driving habits yourself, how can you be your teen’s best mentor? To avoid additional costs, you’ll want to do everything in your power to help them avoid an accident. Have your teen strictly follow safety practices when driving such as putting their phone away, limiting distractions, and buckling up. Make sure they know and follow basic rules of the road every time they drive with you, and hold yourself accountable as well.

Increase Your Liability Coverage

You’ll probably want to increase your liability coverage before your teen even gets behind the wheel. The car they will be driving is in your name, so that means YOU are liable for whatever happens when they’re on the road. Because they are just learning to drive, you’ll definitely want to make sure you have the right coverage plan in case you are held accountable for something you did not do. While you probably do not wish to add an additional amount to your bills, liability will literally save you should a bad accident and subsequent lawsuits occur.

Have Them Drive an Older or Used Car

Because teenage drivers are at a greater risk of getting in an accident, it would be wise to have them drive an older or used car. The car shouldn’t be so old that it’s not up-to-date regarding safety, but having them drive in a well-running vehicle that’s a bit older could save you a great deal of money in the future. These cars are much less expensive to repair should damage occur to them.

Enroll in a Driver Tracking Program

Today, a number of insurance companies provide small devices that monitor driving habits and patterns. These trackers can tell how fast you’re going, the distance at which you break, and other important factors that can give your teen insight as to how they are regularly driving. With this type of information feedback, teens should be able to recognize where their driving could use improvement. Once your teen begins implementing better driving habits, you may see your monthly rates gradually decrease.

Ask About a Distant Driver Discount

When the time comes for your teen to head off to college, they may not take a vehicle with them. Less than half of teenage drivers head off to college with a car in tow. If your child falls into this category, you may be able to get a discount during the time they are away and not driving. In many instances, they don’t have to be very far from home to qualify for a distant driver discount. Check with your insurance provider to see if your teenage driver qualifies you for this type of discount today.

As soon as your teenager begins to think about driving, you’ll want to inform your insurance agency so that your son or daughter can be added to your current plan. This way, they will be covered throughout the experience of learning this important life skill. Make sure they are under the right car insurance plan by having them covered with PAR Insurance Agency. To get started, give us a call and let us insure you for all of your major life moments.

Although not many of us like to think about what happens at the end of our lives, it’s important to be prepared whether we like it or not. Having life insurance on your side can only help for when the time comes, but there are some myths and fears about the plan that may deter people away from it. To clear up any confusion, we have debunked some of the most common myths about life insurance. The truth might surprise you!

Myth 1: It Costs Too Much

It is very understandable that when looking into investing in insurance, you don’t want it to cost you an arm and leg. While the coverage is important to have, you don’t want it to drain your account. One of the main reasons why so many turn down life insurance is because they believe it’s too expensive; however, that is not the case. According to a study performed by Life Happens, approximately 80% of people misjudge how costly life insurance truly is. In fact, plans such as term life insurance are more affordable than you might think. Plus, you can always change or add coverages to your plan over time. If you’re on a budget, give your agent a call to see what plan works best for you.

Myth 2: It’s Unnecessary If You Are Young and Healthy

There are many factors that go into how much your life insurance will cost, including your age and health. While many think that being young and healthy means you don’t need life insurance, it’s actually not true. Chances are you will need life insurance down the road when you are older and your health has changed. If you wait until then, your life insurance cost will be higher than when you were young and healthy. It’s best to go ahead and purchase life insurance so you don’t have to worry about major expenses later on. Take advantage of this part of your life so even when you are not in good condition later, you don’t have to pay for it.

Myth 3: It’s Not Available to Those Who Have Health Problems

As stated before, your health does influence the cost of life insurance. While you may be paying more on life insurance for serious health problems, this does not mean it’s not available at all. However, it is true that if you have a terminal illness, some coverages may not be available. In any case, it would be wise to speak with your agent about your options when your health changes so you receive the best coverage for the right price.

Myth 4: It’s Not Available for Older People Either

While it’s true that health typically declines as you get older, this still does not mean life insurance isn’t available for the elderly. In fact, there are important coverages available such as final expense which can help with funeral and burial costs. While we may not like to think about this stage of life, it cannot be ignored. Therefore, the elderly are able to have life insurance available even in their final moments to help after they are gone.

Myth 5: Single People Don’t Need It

While it is true that life insurance is beneficial to those who have others depending on them, such as children or their spouse, that doesn’t mean single people don’t need life insurance at all. In the event that you are single and pass away, you can still be left with debt from loans that were previously drawn out. The expenses will be transferred to co-signers or immediate family to take care of which is the last thing that needs to happen after losing a loved one. However with life insurance, you don’t have to worry about anyone taking on your debt after you are gone. Life insurance will also handle any burial and funeral expenses so the family can properly grieve. Also, keep in mind that plans change throughout time. So while you may be single now, that doesn’t mean it is a permanent deal. In the event that you may have children in the future or get married, having life insurance now can save you later.

Myth 6: All You Need is Your Work’s Life Insurance Plan

While it is great to accept life insurance through your work, keep in mind that it is not transferable when or if you leave for another job. If you have your own life insurance account not through your work, you don’t have to worry about the possibility of not being insured when something changes.

The last thing you want to focus on when starting or running your business is what could go wrong. While you aren’t necessarily going to face struggles right away, if you aren’t covered with a good insurance policy, you’ll likely experience some issues down the road. Since running a business is risky, you should plan on being prepared to handle anything that comes up with the proper business insurance policy. But how do you avoid spending too much? Here are some tips that could save you some money on your insurance plan.

Know What You Need

Not every business needs the same amount of coverage. It all depends on what your business does and the risks involved. At the minimum, most businesses are required by law to have policies for workers’ compensation, unemployment, and disability insurance. But that’s just the minimum. When looking at how much coverage you need, you can start by looking at general liability insurance which will cover your business for any third-party damages, legal defense costs, and reputation damage from libel, slander, or copyright infringement. In addition, also consider a Business Owner’s Policy (BOP) to cover your business’s property and typically cover more for less money that a general liability policy. Other coverages will depend on the nature of your business, which your insurance agent can discuss with you your options in more detail related to your situation.

Increase Your Deductible

For most insurance policies, not just business insurance, you can lower your premium by increasing your deductible. Paying a higher deductible means less money the insurance company will have to pay after you make a claim on your policy. Because of this, insurance companies are willing to offer coverage at a lower price. Your agent will be able to discuss with you whether or not this would be a favorable decision for your business and the pros and cons of each choice.

Bundle Your Policies

Bundling your policies means that instead of buying separate policies for every type of coverage you need, you can purchase a package that will offer the same coverage for a lower price. Think of it like going to a restaurant. If you order an entree, side, and drink separately, you’ll end up paying a bit more than if you had ordered the combo that includes those items at a lesser cost. Bundled policies are the “restaurant combos” of insurance.

Be Safety-Minded

The higher the risk of injury at your business, the higher your insurance premiums will be.The safer your work environment is, the better deal you’ll get with your insurance. To get a better price, follow all safety recommendations from your insurance company such as enforcing safety precautions to avoid having your premiums raised to cover the extra risk.

Review and Update Your Coverage Every Year

As your business changes, so will your coverage needs, which means you should review your policies each year around the time of renewal to see if there are better options for either coverage or price. Also, by reviewing your policy with your agent, they will be able to make sure you aren’t paying for any policies that you may have needed for the previous year but not the upcoming year.

Consult with Your Independent Agent

Remember when you are reviewing your policies or looking at what kind of coverage to get for your business, consult with your insurance agent to help you shop for the best deals. They know insurance policies inside and out and will be able to guide you through making the best decisions for your business. If you have any questions or think you could be spending less on insurance for your business, give us a call today.