I recently read yet another article by a main stream journalist that promised readers “weird new steps” to lower the cost of auto insurance for those with teenage drivers.  If you have a teenage driver, this topic can sure stimulate interest!

As a parent and insurance insider who has experienced the financial pain associated with 3 teenage drivers, it is my strong view that articles advocating how to lower insurance premiums miss the two FAR far more important objectives that parents of teenage drivers should be encouraged to make their first priorities:

1.      Accident Prevention:  Nationally among all age groups, statistics reveal cell phone distractions are a factor in 25% of all accidents. Imagine what this risk is for younger drivers! While cellular technology adds new risks, other technology exists to help parents manage this risk.  Cellcontrol is one service provider offering a solution that prevents unauthorized in-motion use of mobile phones. Their solution puts parents in control of what a family member can or cannot do with their cell phone while driving. (the same solution is available for those responsible for corporate fleets) To learn more: http://www.cellcontrol.com/stop-texting-while-driving-for-your-family/  

2.      Protect Your Assets: ASK ANY parent of a teenager who has been involved in a serious accident: after the accident: NO parent is concerned with the cost of their insurance, but ALL were concerned with the insurance protection that was available to protect them at the time of the accident.  After an accident is the wrong time to recall the dangers of being “penny wise, but pound foolish”.

Please: address these two more important objectives first, and THEN work with an insurance professional to examine strategies to intelligently manage the cost of proper insurance coverage.