Exemptions to the Individual Mandate
There are some cases where there is no penalty to not having coverage.
Consider the cost of insurance in your financial calculations when buying your first vehicle:
Insurance rates vary with the type and model of vehicle.
For example, SUVs and performance vehicles typically cost more to insure than other vehicles.
If you have a low net worth, don’t go overboard when purchasing liability coverage.
If you purchase a used car, consider dropping the collision coverage as a way to cut expenses.
The cost of collision coverage can exceed the value of an older car.
A higher deductible will lower your premiums.
Maintain a good driving record.
Don’t get tickets, get into accidents, or drive under the influence (DUI).
List your child as an occasional operator.
If your teenager doesn’t own a car —meaning the title isn’t in his or her name — and has had no moving traffic violations and/or chargeable accidents, ask to have your teen rated on your family’s personal auto insurance policy as an occasional operator.
Check for discounts available through your insurance company.
You may be able to get a discount for having multiple vehicles insured by one company.
You can save money by making sure your teen’s name is assigned to the right car.
Sometimes teenage drivers are assigned to the most expensive car in the household. Switching to a less expensive car saves.
This article is published on KansasMoney.gov. Find more information by contacting these state agencies: