Teen drivers are
considered one of the highest risks for car insurance and pay a high
premium for their first few years of coverage.
For teenagers who have accidents that can be charged, a reasonable price may be almost impossible to find.
traffic accident statistics, however, do not support teenagers behind
Teenagers, from 16 to 19 people four times more likely to be
involved in traffic accidents, as more experienced, older drivers.
As a group, 16-year-olds are most prone to accidents. They are six times more likely to have an accident due to older drivers.
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Teenage Insurance Fee Insurance rates for teenage drivers have soared.
drivers aged 16 to 19 years can expect to pay $2,999 per year for their
own car insurance policy, almost three times $1,169 a middle-aged rider
in the age range 60 to 64 will pay, according to an article on the AOL
Even drivers just out of their teens, ages 20
to 24 will pay a third less, only $2,040 per year. If a teenage driver
has an accident or receives a traffic ticket for the same event, the car
insurance company involved will likely raise their insurance rate.
The additional costs will likely last for three years or at least until young motorists reach the next highland plateau.
Factors Influencing Rate Spikes
additional cost of car insurance will depend on the seriousness of the
costs, the cause of the accidents and the resulting injuries and
The most serious allegations most often stem from
traffic violations and alcohol or drug-related accidents.
Other factors will also impact the cost of car insurance for a teenage driver like the type of car being ridden teenagers.
more expensive car would be more expensive to be insured, as well as
sports cars, classic cars or special vehicles or other high performance.
residence will also affect your insurance rate.
If you bring full
insurance, additional fees for tickets or accidents will increase
proportionally. If you only have minimal coverage, the rate increase
will not hit almost as hard.
Most experts agree that it
is almost always cheaper for teenagers to understand their parents' car
Parents often have established long-term
relationships with their insurance provider, some policy discounts, and
While parents can estimate their
insurance rate increases if Junior has a cost accident, the result will
not be as bad as a disaster if Junior has an accident in his sole
In many cases, where accidental damage is
minimal and no police report is filed, it may be necessary to pay for
out-of-pocket repairs and not report the accident to the insurer. The
premium you save will definitely be a consequence.
Having an emergency fund or other savings for such an event is always a good idea.
this way, you can protect your son or daughter from reporting a fender
dent to your insurance provider and thereby avoiding the surprising rise
in insurance rates that can be followed.
National Commissioner of Insurance (NAIC) has published several helpful articles on teenage driver issues.
NAIC warns of a higher rate when you add a teenage driver to an existing auto policy.
some states prohibit gender differences in price insurance, you can
expect your interest rate to increase by 50 percent by adding a female
driver in adolescence, while you may see a 100 percent increase when you
add boys to your current policies this.
If your son or daughter is going to college and you are thinking of providing a car with them, you may want to think twice.
Many insurance providers will ask your students to issue their own policies if they stay away from home and have their own car.
your children reach adolescence, you may want to consider increasing
your accountability or adding an umbrella policy to your existing
homeowner insurance package.