Your Teenage Driver and Insurance |
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Driving Practices As a parent, one of the most challenging responsibilities and exposures you face is how to handle a teenage child's use of the car. It is undoubtedly one of the most exciting privileges for the teenager and a stressful situation for the parent. Experience has revealed that CPAs do a great job in handling the increased risk and responsibility of having a youthful operator in their house. A significant factor for CPAs in meeting this challenge is the safe driving practices CPAs follow and the positive influence they have in becoming the role models for the new driver. These good practices also become the practices of the new driver. Auto Insurance The youthful operator not only poses a tremendous parental responsibility but can also be an insurance challenge. The majority of parents will add the teenager to their own automobile insurance policy. This is for the most part the right decision as multi vehicle discounts will be available and more important, you and your child will be protected by the liability limit you have under your policy in the event of a claim. Your limit will usually be greater than what a new teenage driver would purchase since you have more assets to protect. Adding your teenager to your auto policy will result in an additional youthful premium surcharge and this is expected because of the driving characteristics of the group. If you have personal umbrella protection, you have already made a prudent decision in securing the higher limits of liability you need for the increased risk of a youthful driver. You will also likely have an additional premium surcharge on your personal umbrella. This is common practice since the majority of claims under personal umbrella policies are auto related and a significant number of claims emerge from the youthful operators. The Plus Plan - A resource providing high limit protection and peace of mind. The AICPA Plus Plan provides you with the option of securing the high personal liability limits you need to protect you against the increased risk of having a youthful driver in your household. Unlike other personal umbrella coverage, the Plus Plan has a single premium with no premium surcharges for additional drivers, even youthful operators. The rating structure recognizes the overall good driving practices of the AICPA members and their household family members.
A single premium without surcharges covers all eligible household members. Apply for the Plus Plan with the enclosed application or online at www.cpai.com/plusplan |
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