Handing your child the car keys for the first time is bound to be exciting — and scary. For your teen, driving invites a thrilling move toward independence and freedom. It also comes with tremendous responsibility.
For the parent, it's coupled with anxiety over safety and the added cost of insuring that teenage driver. With the summer season approaching and new drivers taking driver’s training courses while applying for permits and licenses; now is the time to think about insurance.
Nearly every insurance company requires all drivers in a household are listed and disclosed to the company. And the truth is, premiums for teen drivers are higher than older individuals. Teen drivers often lack maturity behind the wheel and are inexperienced. That's a horrible combination for premiums since insurance companies gauge premiums-based risk. Young drivers are at the top of the risk list which results in car insurance for teens being much pricier than other age groups.
Let's take a look at risk. Here are teenage motor vehicle crash deaths as percent of all motor vehicle deaths in 2018.
The Centers for Disease Control and Prevention (CDC) notes that young people ages 15 to 24 represent only 14% of the U.S. population, but this group accounts for 30% of total costs of motor vehicle injuries among males and 28% among females.
Nodak Insurance Company wants to reward those students who excel in the classroom. If your child is on an honor roll in high school or maintains a grade point average of over 3.0 while in college, your policy will qualify for a “Good Student Discount” of 20%*!
On top of the Good Student Discount, Nodak Insurance (in partnership with North Dakota Farm Bureau) has the Route 1000 program. Through your Nodak Insurance agent, teen drivers can participate. To participate, you must be a licensed driver under the age of 18 and must attend, with a parent or legal guardian, a one-hour safety class. At the end of the class, you will sign an agreement promising to follow the key points covered in the short course. By completing the Route 1000 course, a discount of 7%* can be immediately applied to your premium.
After 1,000 days of safe driving with no traffic tickets and/or accidents caused by your actions, you will receive a $500 check.
Through the Route 1000 program, the chance to develop safe driving habits comes with a financial incentive. Contact your Nodak Insurance agent for more details. Or go to https://ndfb.org/route1000/ for information.
*Discounts subject to policy & underwriting rules and provisions. See your Nodak Insurance agent for further details and qualifications.