When it comes to tough times, it’s important to make sure you’re saving money where you can and preparing for the extra expenses that are sure to come your way. I have found that understanding the things that will cause your vehicle insurance rates to increase ensures that I am much more prepared and that I am never caught off guard.

One of the biggest things that can increase your insurance rates is adding a teen driver to the policy. Although your teen may be excited to get his license, he may want to think about delaying it if he’s having financial difficulties. This is because adding a teen driver to an insurance policy could literally double their premium. Not everyone can afford to do this. Can you really trust your teen to get a job and pay for this insurance increase every month?

Of course, there are other things that can increase your rates, like accidents. If you’re involved in a very minor accident where you just dented a fender because you hit some ice on the road, you may want to reconsider turning this over to your auto insurance company, provided no one else has been around. involved in the accident. Simply paying such a small expense out of pocket is worth it because you won’t risk raising rates, which would cost you much more in the end.

So be sure to shop around for your best benefit and double check what would and wouldn’t increase your insurance rates. The cheaper your rates, the more you can deposit in the bank.