New report by insuranceQuotes shows that annual premiums can vary wildly when adding a teen to an existing auto insurance policy
AUSTIN, TEXAS (June 15, 2016) — Data shows that teenagers are risky drivers who are very expensive to insure, according to a new report released today from insuranceQuotes.
That probably comes as no surprise to most parents, but they may be glad to learn that, on average, rates for insuring teens have come down. It can be helpful to understand why and what specific factors contribute to determining exactly how much your family will pay for adding a teen driver to an auto policy.
The study found:
U.S. families who add a young driver to their existing auto insurance policy will see an average annual premium increase of 79 %
The good news is that the average premium increase for teen drivers is lower than 2013, when the increase was as high as 84 %
It costs more to add a young male driver than a female driver to an existing policy - adding a male teen to a married couple's policy results in a national average premium increase of 91 %, compared to an increase of 67 % for a female
Not all states are created equal when it comes to the cost of insuring a teenage driver - adding a teen to a married adult's auto policy in New Hampshire results in an average annual premium increase of 125 %, while in Hawaii the average increase is just 17 %
“Regardless of the costs to insure your teen driver, safety is the No. 1 priority. We suggest parents educate teens on the dangers of driving, especially when it comes to texting while driving, or driving under the influence,” says Laura Adams, senior insurance analyst for insuranceQuotes.
Two other tips Adams suggests are installing monitoring technology in your car and having your teen sign a contract of safe driving with strict enforcement of the consequences for violating it.
The full report is available here:http://insurancequotes.com/auto/cost-to-insure-teen-drivers-061416
insuranceQuotes and Quadrant Information Services examined the economic impact of adding a driver between the ages of 16 and 19 to a family's existing car insurance policy
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