If your teen is going to hit the road soon, you would definitely need to have a strong nerve to manage some surprising situations. Have a good look at your wallet as soon it will be witnessing quite a big financial impact. The cost of having a teenage driver in the family might actually be more compelling than you can imagine.
According to the experts, you can expect your car insurance to get doubles after adding a teenage driver to the policy. This paves the way for you to wonder whether you should add your kid as an additional driver or you should think about getting a new one for him or her.
Accidents can Really be Expensive:
Hopefully, you will never have to face such a situation, but at the same time it can happen to anyone. Teenagers are more prone to get distracted than any other age group. Checking the phone while driving or some other distractions might be the key reason for causing accidents. However, if your kid gets himself into a wreck, your bank account will also witness drainage of your hard earned money.
You might belong to that group of people, who are in favor of thinking that their insurance policy would be enough for dealing with all the impending danger. But, the situation can only be understood when someone is there in the middle of a critical position.
Cost of a Driving School:
If you have a teenage driver in the family, then the necessity of admitting him or her in a driving school is very much essential. So, this is another reason for you to witness a hike in your budget. The average cost of a driving school might range from 200-800 dollars in average. But the pricing depends upon a few things and it does not remain same. One of the cost impelling factors of a driving school is the price of gas. At the time of recession, many driving schools were forced to hike their charges due to the less availability of gas.
Maintenance Cost of a Car:
When it comes to leave the responsibility of driving on your kids, the chances of getting in an accident also rises to a great extent. But, many parents did not find it as an important part of their life to get prepared for the impending cost of maintenance. Immature drivers are more prone to hit the brakes much harder than the experienced ones. So there is a need for to get ready for replacing the brake pads or the other braking parts within a limited interval of time.
Another factor, which all the young drivers tend to forget is that, they don’t check the tire pressure regularly. As a result, the tires wear down much faster than ever. Experts have also estimated that, the families having a teenage driver are more frequent in changing the tires than the rest. Having a dent or two on your car goes hand in hand with having a novice driver. Wheel alignment issues along with the popped tires might also be a common thing for you. Your favorite car might also get bumped at the time of parking. All these are quite natural for a novice driver. So, try to get prepared for all the upcoming costs related to the maintenance of your car.
Having Multiple Children:
The trouble might be knocking at your door, if you have multiple children in the family. Managing car insurance and the other costs of maintenance might actually be easier, if you have one kid. But, the cost might become doubled or even tripled, if you have to take care of the repairing costs of your multiple children. In America, the policy rate can increase, depending upon the rules and regulation of a particular state. Many parents have been there in the middle of a serious situation, where they feel exhausted by paying for all the disasters caused to their cars.
Towing and Breakdown Coverage:
If you are allowing your kid to drive a car, then you should also think about providing him with a towing or breakdown coverage. This coverage might not belong to the group of essential requirements, but you should also think about preparing yourself for the unexpected ones too. This can actually be one of the most budget affecting ways, which can harm your financial planning.
Having a teenage driver in the family will definitely make you think about revising your budget. The lack of experience might be the main reason for your kids to get themselves in troubles. So, there is a need for you stay prepared for any kind of trouble, coming in your way by your child’s driving. You can also think about having a breakdown coverage as an additional safety measure.