Is Insuring My Teenage Driver Going to Break the Bank?

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Published on Tuesday, October 24 2017 12:11

As much as you’ve been waiting for this moment, you’ve been dreading it, too: your teen has passed the state driving test and is now an officially licensed driver. You no longer have to taxi him or her to school, to practice, or to friends’ houses.

But, your newfound convenience isn’t without concern. Of the many things you worry about with your young driver, including your child’s safety, high on the list is the cost of insuring your teen. So, let’s take a look at what goes into teen car insurance rates so you can better understand what may be awaiting you.

Do Teenage Drivers Increase Car Insurance Rates?

In most cases, yes. After all, you’re extending your coverage to another driver, and that typically costs more. And, not just any driver, but an inexperienced one.

The direct impact on your car insurance rates can vary depending on the state where you live. That said, most states allow insurance companies to utilize the following factors in pricing coverage for a young driver:

• Male or Female: Premiums are often driven by statistics. Unfortunately, this does not bode well for young male drivers. According to the Centers for Disease Control and Prevention (CDC), in 2013 the motor vehicle death rate for drivers and passengers ages 16 to 19 was almost twice as high for males vs. females.
• Primary Driver: If your teen has her own vehicle, she will likely drive it more often than if she were sharing it. More time behind the wheel can mean higher rates, as your teen has gone from an occasional operator with limited use to a primary operator.
• Type of vehicle: The make and model of a vehicle always impacts your car insurance costs. If it’s a high-end vehicle, you can expect to pay more, particularly for an inexperienced driver. Always check how much a vehicle will cost to insure for a teen driver before you plunk down the cash for it.

Ask for Discounts for Your Teen Driver

It’s true teen car insurance rates can be pricey, so be sure not to overlook opportunities to save. Your independent agent can help you better understand potential discounts that may be available to you. Here are a few common ways to save on teen car insurance, but these can vary by carrier:

• Drivers education: Knowledge is power so many insurance carriers will provide a discount if a newly licensed driver takes a driver’s education course. Ask your independent agent which courses may qualify you for a discount.
• Good student: Most insurance companies provide a discount for students who have at least a B average. This may need to be verified each year, so be sure to keep a copy of the latest report card handy, given that this credit can be as much as 20 percent.
• Electronic monitoring: Some insurance companies offer a discount if you adhere to safe driving habits as verified by an electronic monitoring device that plugs into your car’s diagnostic port. In most cases, monitoring only lasts for a specified period, and you have access to the data collected.
• Away at school without a car: If your young driver attends a boarding school or college more than 100 miles away, be sure to tell your insurance company. There is typically a large credit for this while still providing coverage when she’s home.

Meet Paul Paschall

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Published on Tuesday, October 03 2017 14:59

In case you missed last month's issue of Clear Lake or Lost Creek Living Magazine...

Sponsor Spotlight: Meet Paul Paschall of Paschall Insurance Group, LLC

Written by Elizabeth McCabe

Love what you do and you will never work another day in your whole life. Paul Paschall of Paschall Insurance Group, LLC says, “As nerdy as it sounds, I love insurance!” He discovered his passion back in graduate school at Tarleton State University. He shares his story, “While in graduate school, insurance and the role it played in society was a topic that fueled my interest.  A fellow graduate student who was established in the insurance industry, encouraged my curiosity and aided in navigating my career path.  The guidance he provided helped me to meet the right people and led to my first opportunity in the industry, immediately upon graduation." 

Paul began his insurance career as a captive agent with Farm Bureau Insurance in Johnson County.  A few years later, he moved to the metroplex with his family where he opened his own office and became a captive agent for Allstate Insurance. Several years later, Paul purchased an existing Allstate agency in Weatherford.  Paul says, “My family and I were ecstatic to move west and make our new home in Parker County!”

This dedicated insurance agent finds his work rewarding and fulfilling. Paul comments, “I love being an agent and helping people properly protect what matters most to them.  It’s my passion.  As a captive agent, my ability was limited; I had only one ‘brand’ of insurance to offer my clients.  After careful consideration and much prayer, I decided it was time to make a change that would allow me the freedom to represent my clients and not the ‘brand.’” That’s exactly what he did when he opened his own agency, Paschall Insurance Group, LLC.

Paul comments, “Paschall Insurance Group is an independent insurance agency that directly represents dozens of top rated insurance carriers. Our specialized team represents the interest of our clients first, not the insurance company.”  Personal insurance and commercial insurance is their specialty.  Every team member in the office is fully licensed and has the ability to assist clients with questions and/or consultation. 

After more than a decade of serving as a captive agent in the industry, Paul now enjoys the freedom and flexibility of providing his clients with options.  He explains, “Our agency excels industry standards by providing individuals with an excellent and personal one-stop shopping experience.  Exceptional products and service with competitive pricing is guaranteed because we are able to access coverage from a multitude of top rated insurance companies.  Also, as the market and your insurance needs change, there is no reason to switch companies or shop rates – we take care of it all in-house for you!” This makes it extremely convenient for our clients.

What’s great about Paschall Insurance Group is that each team member in the office consults; they don’t sell. Paul adds, “Our team compiles all relevant information needed to price your insurance protection in all of our markets.  We then analyze the protection choices and pricing and provide you with one or more solutions to evaluate.  Additionally, none of our team members are paid sales commissions, nor do they have sales quotas.  Therefore, this allows them to encourage the absolute best solution for your protection through consultation and a solutions-based approach."

Paul has some advice for the residents of Parker County. He says, “I highly recommend an annual review of your insurance policies, both commercial and personal.” After all, coverages change, pricing changes, discounts change and the market appetite from insurance carrier to insurance carrier can change from year to year.  Paul adds, “One major point is that you get what you pay for in this industry.  Weekly, we have individuals visit our office who received a ‘great deal’ somewhere else and are often very disappointed when they have a claim or need servicing on their policy.”

Paul’s Background

Paul was born and raised in Irving, Texas and spent the next part of his life in Stephenville at Tarleton State University. He and his family have lived in Weatherford for 13 years. He is married to his wife Courtney and they celebrated their 20-year wedding anniversary this year.  They are blessed with two children. Their son Walker is 18 and is a freshman, studying engineering at Texas A&M University. Gencye, their daughter, is 13 and a seventh grader at Hall Middle School.

When Paul isn’t working, he likes to give back to the community as do his team members. He and his team volunteer locally for many different organizations. They are also members of local churches and would appreciate the opportunity to be your local insurance agency.

For more information on Paschall Insurance Group, just check out their website, www.paschallins.com, or give them a call at 817-341-4400. Paul and his highly qualified team would be honored to help you with all of your insurance needs.