Can I Get a Break Here? Insurance for teen drivers.(Special Report)

Insuring a teen driver is expensive, but a few discounts are still available to make quality coverage more affordable. Many insurers stopped offering discounts for completion of driver education programs about a decade ago, just as Graduated Driver Licensing programs were rolling out across the country. The premise is research showed no long-term improvement in insurance loss rates (read: damages, injuries and deaths) for traditional driver education, so the discounts were dropped. There are often discounts for students with good grades, however, because there is a statistical correlation between grades and on-the-road loss rates.

Discounts vary, as insurance is regulated by state, not the Federal government. Still, several programs could be worth looking into. Be sure to make some calls, or work with your agent to seek out the discounts available in your state. In Colorado for instance, students completing a course of study that closely matches that offered by MasterDrive can get a 15 percent ...