Single parents can have a lot on their plates. Although car insurance may not be on your mind, it is important to take the time to understand your needs. Single moms and fathers need car insurance. While price is important, the best policy may not be the most affordable. You might be able to find the coverage that suits your budget and needs by learning what factors influence your auto premium.
Single parents can get car insurance
You may need to consider both price and coverage when you purchase car insurance for a single parent.
Car insurance companies use demographics such as your age, gender and marital status to determine your premium.
While increasing certain coverage limits can protect your finances in case of an accident, it will cost you more. If you have full coverage, you can reduce your premium by increasing your collision or comprehensive deductibles. However, you will be charged more if your vehicle is damaged.
Single parents and teens driving
It can be frightening for parents to see their teen, or young driver, get behind the wheel of a car. However, adding your teen driver to your policy could make it even more terrifying. Insurance companies consider teenagers to be one of the highest-risk drivers on the roads. According to the Centers for Disease Control (CDC), drivers aged 16-19 have the greatest risk of being involved in motor vehicle accidents. While premiums may change with age, you can still expect to pay higher car insurance costs until your child turns 25.
There are many ways to save money when you insure your teen driver. Many companies offer discounts to teens who have a GPA or letter-grade average at or above a specific level. Teens who have completed driver training courses may also be eligible for discounts. If your child is not enrolled in driver training classes, you might be able to offer a remote student discount.
Single parents can get car insurance
Remember that your car insurance policy is a package of many coverages. While some coverages may be required by your state, while others are optional, these coverages might prove beneficial for a single parent.
- Bodily Injury and Property Damage Liability coverages. If you are involved in an accident and do not have sufficient insurance, you could have to pay out of pocket for the damages or risk being sued. This could cause significant financial strain on you and your family. You may consider buying higher limits of liability than what your state requires.
- Personal injury protection and/or medical payments : If your state provides medical payments or PIP coverage, it could be worth purchasing higher limits if you have concerns about the cost of medical bills. These coverages can help you and your passengers pay for medical expenses after an accident. PIP coverage may also cover lost wages or other expenses, such as childcare. You may be able to choose between PIP or medical coverage in some states.
- Comprehensive or collision coverages. Adding collision and comprehensive coverages to your policy will give you financial protection in the event of damage to your vehicle. Full coverage is recommended if you don’t have the funds to replace or repair your vehicle.
- Rental car coverage – This coverage covers the rental cost of a car while your vehicle is being repaired for a covered loss. This option is for single parents without a vehicle to rent.
These coverages will increase your premium, but these upgrades can save you time and money in the long-term.
How to save money on car insurance for a single parent
Single parents with limited budgets might find it more important to save money on their car insurance than for other households. You don’t have to buy a policy that is too expensive just because you have car insurance. There are some things you can do in order to lower your premium, even though there aren’t many programs that provide car insurance assistance for single parents.
Here are some tips to reduce your car insurance if you have only one parent.
Take a look around
Each car insurance company uses a different rating algorithm to determine the premium. There are many factors that affect your rate. You will get different quotes from every company, regardless of whether the coverages are identical. You might find the best car insurance company by defining your needs and getting quotes from multiple providers.
Ask about discounts
Many insurance companies offer discounts to consumers that can help lower the cost of insurance. To determine if you qualify for any discounts offered by your insurance company, make sure to review each discount before purchasing a policy. Multi-policy discounts, discounts for good driving, claims-free discounts or vehicle safety features discounts are some of the most popular discounts for single parents.
Keep a clean driving record
Even though accidents do happen, you should file claims to increase your premium . The increase following an accident could be substantial. By avoiding DUI convictions, tickets and accidents, you can lower your premium. If you are not in an accident, signing up for an accident forgiveness plan before you get one can help lower your premiums. These programs typically forgive the first accident at fault on your policy or the first loss at fault within a specified number of years. However, each carrier will have its own program.
Questions frequently asked
Which is the best auto insurance company for single parents.
Single parents can choose from many different car insurance companies. Each company is unique and each driver has their own needs. The best insurance company for single parents is the one that meets your needs.
Are car insurance premiums more expensive for single parents?
Sometimes. Car insurance premiums are affected by many factors. Depending on where you live and which company you choose, marital status may be one of these. There are many other rating factors that go beyond marital status. Your premium will be affected by the type of car you own, your driving record, and the coverages you select.
What will my car insurance cost if I add a teenager driver?
The premium you pay to add a teenage driver to your policy will depend on the gender of your teen and their age. Also, you have to consider your existing coverages, whether you are adding a car for your teenager, and if discounts are available for you and your child. Due to the inexperience of teens on the roads, you might see a substantial increase in your premium. There are still ways to save and you might want to consider other options.
