If you are parents of a teenage driver, it is probably cheaper not to add a third car as insurance companies typically believe that the teenager will drive less without his/her own car and thereby offer you a lower insurance premium. Typically car insurance premiums go up 55% to 60% when a teenager is added according to a recent insurance.com survey. Beware that many insurance companies charge if you own luxury cars and many insurance companies may charge you as if your child is driving the fanciest car in the house. Therefore, it may pay to shop around or in the alternative in that situation it may pay to get a clunker for the teenager without collision coverage and then perhaps place an umbrella on top of the same.
This tip is offered by the experienced Philadelphia car accident lawyers of Reiff and Bily. Umbrella insurance coverage is the key if you are interested in protecting assets. In a tightened economy many individuals chose to reduce their insurance premiums and insur [...]
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