How much is teenage car insurance per month?
Teenagers pay an average of $397 a month for an individual car insurance policy, while parents who add a teen driver to their policy can expect to pay an extra $187 a month. That means adding a teen to your policy increases rates by 168%, on average.
What is the cheapest way to get car insurance for a teenager?
The cheapest way to insure a teenage driver is by adding them to your own policy. Buying a teen their own policy is very expensive and generally not advised. Depending on the state, a teen driver’s annual premium could cost up to twice as much on an individual policy as being added to a parent’s policy.
Should I add my teenager to my car insurance?
You should add teen drivers to the policy that covers the cars they drive. If they are going to drive both your car and your spouse’s car, you should add them to both policies.
Do I have to insure my teenage driver?
Most states require drivers to have auto liability insurance before they can legally drive, according to the Insurance Information Institute (III). The student driver is covered by his/her parents’ policy as a household member.
Why is car insurance so expensive for a 17 year old?
The reason why car insurance for a 17-year-old is so expensive is that newer drivers are more apt to get into accidents. Accidents lead to claims, which means costs to insurance companies. Teen drivers get into fewer fatal accidents than when their parents were teens.
Are there high auto insurance rates for teenagers?
Teenage drivers are considered to be among the highest risks for auto insurance and pay correspondingly high premiums for their first few years of coverage. For teens that have had a chargeable accident, reasonable rates may be nearly impossible to find. Traffic accident statistics, however, do not favor teenagers behind the wheel.
What kind of insurance should a 17 year old have?
Most states require that you have at least minimum liability insurance to drive. Liability insurance is what covers damages a driver may cause to people or property in an accident. This also applies to a 17-year-old, who must show that its owner’s policy currently covers the vehicle. What’s the Best Insurance for Teen Drivers?
When do car insurance rates start to go up?
This is because middle-aged drivers tend to insure newer, nicer cars and begin to add their children to the policy, increasing the average rate for this age range overall. Individual rates also start to go up again between the ages of 65 and 75 because senior drivers have a higher risk of accidents than middle-aged drivers.