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Aug 30, 2022

As a parent, one of the things you worry about is your kids' safety. You want them to be safe when they're driving, and you want to make sure they have the right insurance in case something happens.

Unfortunately, insurance rates for teenage drivers are rising. In some cases, they're doubling or even tripling. But before you start panicking about the cost, it's important to understand why this is happening. And more importantly, how you can use this as an opportunity to protect your family's assets.

For today’s episode, Spencer and Kim tackle why insurance companies are starting to catch on to the fact that teenage drivers are more likely to get into accidents than adults and more likely to make claims on their insurance policies. They talk about connections between car, home, and personal liability umbrellas. Spencer and Kim also defend why setting up a personal liability umbrella is not an additional expense, but additional protection for yourself.

Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!

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Links and Resources from this Episode

Show Notes

  • How the increase in insurance prices for teenage kids is actually a good thing
  • Why paying more is an opportunity to reflect, look, and approach things differently
  • What are the connections between car, home, and personal liability umbrellas are
  • What the purpose of having a personal liability umbrella is and why you should have it
  • What kind of life insurance policy should you set up once your kids move out of your home?

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