The Nc Teen Driver assurance Loophole - This uncomplicated Trick Could Save You Hundreds of Dollars

Homes For Rent In Winston Salem Nc - The Nc Teen Driver assurance Loophole - This uncomplicated Trick Could Save You Hundreds of Dollars

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In North Carolina, there is an old loophole in the car insurance rates for young drivers which has technically been terminated but with the right help, you can still put this to work for you and cut your auto insurance costs by hundreds of dollars each year. The trick is knowing what to ask for and when to ask for it.

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Homes For Rent In Winston Salem Nc

But first, a diminutive bit of an explanation about the teen driver rating process. In North Carolina, when you add your teen driver to your procedure you will see your rates shoot up to levels that will shock you. But the good news is that these super high rates don't last forever. During the 3 year "inexperienced driver" period the insurance company can surcharge your procedure to account for the fact that juvenile drivers have accidents more frequently and their accidents are typically more severe.

So how does it work? Well, there are three different tiers, one for each year of caress that a teen driver has. So, in your teenager's first year of driving, he or she is in the top rated tier and your procedure is surcharged the maximum. But after one year of driving, your teenager is technically eligible to be re-rated to the 2nd tier, with lower surcharges. The third year of driving should find your teen driver in the least costly of these three caress period surcharges. The question is that the timing of your child's caress may not correlate well with your procedure reparation dates so you might find yourself paying extra surcharges to the insurance company.

Let's take an example. Assume your auto insurance procedure renews on January 1st and runs for one year. Now let's say you add your teen driver to the procedure on February 1st, the day she gets her license. Immediately, the insurance company charges your procedure with your daughter at the top rated fresh operator tier. You grumble, pay the extra money and hope your child doesn't have an urgency or get any tickets which will make all of this much worse. The next year, on January 1st, your procedure renews and since your daughter is still in her first year of driving your reparation price still has the top surcharge for an fresh driver. Now on February 1st of this second year, your daughter gains her first full year of experience. So you would expect your rates to drop as she moves into the middle tier for fresh drivers. But here is the rub: the insurance company doesn't have to move your daughter to the middle tier and repayment some of the money back to you. The law says that they can wait until the next time your procedure renews, which will be the next January. In this case you would be overpaying the insurance company by nearly an entire year for the inexperience driver surcharge.

If you knew the dollar amount of overcharge and it happened to you, you would be sick about it. On average, at my agency, Clinard insurance Group, Inc we are able to save our teen driver families 7 per year by forcing the insurance companies to convert the surcharge on the teen driver's anniversary of his or her license. How do we do it? It is simple really. Because one of our specialties is insuring families with teen drivers we understand exactly which companies will allow the surcharge to be changed in the middle of a procedure term. And because we cope so many teen driver families, the insurance companies that we use are willing to adapt our clients. If a company won't allow this and the timing is bad, we will recommend our clients not to buy insurance from that company.

So what can you do to avoid overpaying for your teen driver? First of all, use an independent agent who understands the ins and outs of insuring families with teen drivers. Secondly, During the years that you have a teen driver on your policy, always try to buy policies with the shortest time frame possible. Many companies will allow a 6 month procedure and this can work to your advantage if your company refuses to adjust the fresh operator surcharges in the middle of the procedure term.

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