Auto insurance for young drivers
If you have a young driver in your household, you may be wondering at what point they’ll need insurance coverage.
In most provinces, young drivers, who have completed the first stage of the licensing process, are covered free of charge under their parents’ policies, as long as they are listed as a driver. However, requirements do vary by province, so its best to call your Financial Advisor to confirm.
How to save more
Most insurance companies offer discounts for young drivers who pass an approved driver education program, after they are fully licensed. New drivers can also earn discounts as long as they don't have any at-fault accidents or chargeable convictions during their licensing process.
You may save money on premiums by encouraging your child to gain driving experience on your car before they purchase their own. Other ways to save include increasing deductibles and removing unnecessary coverage, such as collision coverage, on older vehicles.