Set the example - You can’t always be in the car, but you can keep safety top-of-mind by demonstrating and enforcing habits like wearing a seat belt, not using a cell phone while driving, following the speed limit and driving 2N2® - 2 eyes on the road, 2 hands on the wheel.Have the party come to you - Plan your own, adult-supervised, drug/alcohol free after-party at your house, school or local community center.If it’s not in the budget, offer to drive them yourself, or research other public transportation options in your community. Offer options for rides - If a group insists on traveling together to prom and numerous graduation parties, talk to other parents about hiring a limo.Talk to your teen about dealing with peer pressure, the dangers/repercussions of underage drinking and driving, using illegal substances, and contacting you for a ride in situations involving drugs or alcohol. Talk about (not) drinking/doing drugs – According to Mothers Against Drunk Driving (MADD), parents play an important role.Connect with other parents - Speak directly with any parents supervising after-parties your teen will attend since some parents may allow underage drinking.Always encourage your teen to make positive choices while driving. More information is on the State Farm Teen® Driver Safety website. If your policy payment is exceeds 10% of the actual cash value of your car, you may consider not getting full coverage car insurance or dropping your policy.With proms and graduations, the end of the school year is a celebratory time for high school students. Crashes are still the leading cause of death for teens*, State Farm is here to help teens and their parents stay safe on the road and beyond.Ĭheck out the tips below for parents and teens. Experts recommend that if your annual full coverage payment is lower than 10% of the value of your car, a full coverage policy may be a worthy investment. If your $15,000 car was totaled, your policy would cover its replacement, which otherwise would take you 15.4 years of saving on your policy cost to purchase a new car.įull coverage car insurance decreases in value as an investment as your vehicle ages, increases miles, and decreases in worth. However, if you drive a newer or more expensive car, a full coverage car insurance option is a great way to protect your financial investment.If you have an older car worth $4,000 that you plan on replacing in the next few years, rather than investing in full coverage car insurance, your best option might be to save and set money aside for the next 3.7 years to replace your vehicle.If your car was worth $15,000, your deductible was $500, and your annual full coverage car insurance cost was $941, it would take 15.4 years of full coverage to replace your vehicle.Īdditional considerations using the above example:.If your car was worth $4,000, your deductible was $500, and your annual full coverage car insurance cost was $941, it would take 3.7 years of full coverage to replace your vehicle.C: Annual full coverage car insurance cost.A: The actual cash value of your vehicle.Use this simple equation for insight into how many years of full coverage you would need to pay to replace your car: (A-B/C) Then, reduce the value by any wear and tear on the vehicle as well as any claims and unrepaired damage. You can determine the ACV of your vehicle by looking up the year, make, model, and trim level of your vehicle online. Actual cash value (ACV): The most current and evaluated value of your vehicle for replacement cost.When determining if full coverage car insurance is a practical investment to protect your vehicle, you'll need to consider the actual cash value of your vehicle, your deductible, and how ready and prepared you are to cover the cost of repairs or medical bills. The greatest value of full coverage car insurance is the financial protection of you, and your vehicle as an asset. If you drive a financed or leased vehicle, you will likely be required by your lender to purchase full coverage to protect their investment. Full coverage car insurance is not a common legal requirement if you own your car, but can contribute to your peace of mind and ensure that you are protected when you need it most.
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