Yes, you have a full and busy household and you must save where you can. Don’t feel bad. Everybody needs to save where she or he can these days unless she or he is part of the 1 percent. You might be tempted to skimp on automobile insurance coverage after you paid off all the vehicles, but this isn’t a good area to pinch your pennies, especially with your teenage drivers. Once the kids get behind the wheel, you must be prepared for all scenarios. Why? Imagine this…
You Gave an Inch
You gave your daughter a new/used car for her Sweet 16. You picked out a reliable model that was dealer-certified off the used lot. It’s in great shape and you got a fantastic deal. You paid for it in full, but your local insurance agency came back with a bit of bad news. Although used, insuring the vehicle is going to be more expensive than you thought it would be. You could save money with minimal coverage because the vehicle is paid for, but should you?
She Took a Mile
After you handed your squealing teen the keys, you and your spouse sat her down and gave her the list of rules. She swore on her own life that she would obey every one of them always. She completed her driver’s education course, passed her test, secured her license, and began her new life as a driver. Despite her promise, she looked at her phone while behind the wheel when it signaled an incoming text. She rear-ended the person in front of her.
Grounding Isn’t Enough
No one was hurt, thank goodness, but the damage is done. The vehicle needs repair and your daughter is in so much trouble, you and your spouse aren’t sure where to start. You opted for minimal coverage to save money, and the person she hit just filed a lawsuit for damages, injury, and lost pay. Guess what. Your minimal insurance coverage won’t cover that, and grounding your daughter isn’t going to get you out of the hot water she’s just placed you and your household budget in.
Protection Is Key
This is why you need find other ways to be frugal when it comes to your household budget. Yes, you can shave money off your grocery budget line and drop a tier or two off your cable TV or satellite options, but you can’t afford to skimp on automobile and home insurance coverage, because it has to be there when you need it. You can save on your overall bill, however, by combining your protections into one policy. Just an FYI worth talking with your agent about!
If you have teenagers, you know how true this example is. When it comes to your family’s insurance protections, don’t skimp. Sure, they’ll promise you to the moon that they won’t do what they aren’t supposed to only to do just that the minute your back is turned. Make certain you can handle the worst once your teens begin to drive, and for the record, it’s good to cover you and your spouse fully, too, even though you’re experienced drivers. Anything can happen at any time!
