By this time, they’ve likely had all the mandated classes and practice time on the roads with an instructor in order to have the appropriate skills needed to be a safe driver.

But what they likely don’t have – at least, not yet – is car insurance. More specifically, they may not know where to look for it or how they can find a plan that’s comprehensive and affordable at the same time.

In light of this, in its blog section, the Insurance Bureau of Canada recently published a list of tips that parents may want to consult and then follow through on with their teenager once 2014 arrives and another family member needs a car.

• Don’t settle on one policy. If there’s anything that Canada has a lot of, it’s car insurance carriers. This gives consumers more choices. But all too often, people will settle on the first plan type they come to, or one that was recommended by a friend or relative. In addition to considering the one suggested, don’t forget to compare prices with multiple providers, as each will likely have a different plan based on needs. The best plan to pick is the one that combines affordability with quality coverage.
• Be proactive about keeping premiums low. While insurers offer discounts to teens for various achievements – such as strong grade point averages or completing additional safe driving course work – policyholders themselves can keep their rates down by adjusting their plans. To lower premiums, it may be worthwhile to raise the deductible, which is the portion of a policy that the consumer pays following a claim before the insurer picks up the difference. Just be sure that the deductible is one that could be provided for in the event of an accident or incident where a claim is warranted.
• Consider premium cost influences. While teens may not have a specific make or model that they want to drive, insurers are very interested in what vehicle their covering. Both make and model are factors that influence rates. Parents may want to ask an insurer to provide quotes for specific makes and models to see which one is the best buy.
• Put teen on shared policy. Being able to drive is commonly viewed as a true measure of independence and freedom. But when it comes to insurance costs, sharing may be the best way to go. This is particularly true for teens who won’t be driving on a regular basis but only sparingly.
• Review safety ratings. Of course, parents want their kids to be in the safest vehicle possible. But safety can do wonders for the wallet, as insurers factor in how protective a vehicle is in crash tests in their rate assessments. As a general rule, the safer a car is, the less expensive premiums are.

While car insurance is good to have for the simple fact that accidents often happen, it’s also required by law. In fact, if stopped by a police officer, drivers are required to show proof that they have coverage. Automotive expert Eric Lai recently related an experience he had on the road after tagging along with an officer who performed a traffic stop. The driver was cited for not having insurance with them.