Teen Drivers Are Still Expensive to Insure but Costs Have Started to Drop – According to insuranceQuotes

New report by insuranceQuotes shows that annual premiums can vary
wildly when adding a teen to an existing auto insurance policy

AUSTIN, Texas–(BUSINESS WIRE)–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: insuranceQuotes

Methodology:

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.

About insuranceQuotes:

insuranceQuotes
provides consumers with a free, easy way to shop for and compare
insurance quotes online for auto, home, health, life and business
policies. Follow insuranceQuotes on Facebook, Twitter,
YouTube,
Instagram
and Google
Plus
.

Contacts

The Rosen Group
Thomas Giordonello, 212-255-0945