Well, let's first consider the option of your child having their own car. With a car of their own, comes a policy of their own, too. This option will likely be pricier considering their age and limited years of driving experience. One way to minimize the higher insurance cost is to have them choose a car that's deemed "less risky" to insurance companies (i.e., cars that are considered less likely for theft, have an overall good safety record, etc.), and/or one that doesn’t require full coverage (i.e., an older, higher-mileage car that wouldn't be worth having full coverage on).
The second option would be to add them to your policy, that is if they'll just be driving your car. This may be the more cost-efficient route for your family. However, as mentioned above, this will depend on how they'll use the car and how many existing vehicles are already insured in your household. If, for example, you have as many cars as you do drivers at home, each person will be considered the principal driver of at least one vehicle. But let's say there's one car insured at home and your child is moving away for school, they should be added as a secondary or occasional driver. If you're a TD Insurance customer, the added bonus to this option is you may be eligible for additional discounts, like our Occasional Driver Discount for students living away from home.
Whether your child will have their own policy or share yours, TD Insurance offers multiple ways to save on car insurance for young drivers. Check out which car insurance discounts may apply to you and your new young driver.