Liability or Full Coverage for the Teen Driver?
So your teenager finally has a license and, not only that, their first car! Of course, being the smart parent that you are, you purchased your new driver a cheap, high mileage vehicle so that you would not have to pay an arm and a leg for insurance and, if the teen ends up not being the best driver in the world, they will not be wrecking the expensive family hauler. Now, though, it is time to look at car insurance for the young driver, and you need to know what type of car insurance would be best.
Just Liability Insurance?
There are a few different schools of thinking here. On the one hand, many people do not see a point in paying for anything other than the cheapest possible insurance policy on an older vehicle with a high risk driver such as a teen. This makes sense considering within a few years, you could have easily paid for the vehicle all over again if you opted for full coverage. There is also the attraction of saving money in the short run, especially when the parents are unsure if the teen is going to be reliable in their maintenance and safe driving of the vehicle.
Or Full Coverage on the Cheap?
On the other hand, many people do not have the cash on hand to purchase another car should that one be destroyed by someone with no insurance, or some sort of natural calamity, such as a flood or animal in the road, let alone if the new driver ends up being reliable but makes a costly mistake. Paying the extra bit a month for full coverage, which is always cheaper on an older, cheaper car, will ensure that even the car is totally destroyed, there will be a check in the mail with which to begin rebuilding. Low deductible comprehensive insurance comes in especially handy when something disastrous happens soon after obtaining the vehicle, as an extra twenty or thirty dollars a month could mean a paycheck for a few thousand dollars, minus deductible, from the insurance company as opposed to a scrap heap to sell to the junkyard.
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