Health + Safety
New Study: Adding Teen Drivers Can Double Insurance Rates
A new study finds that parents are paying nearly double their regular rates to insure their teens behind the wheel.
According to a report by InsuranceQuotes.com, on average, the a married couple pays 80% more for car insurance after adding on their teen driver.
Factors that greatly influence the rate are age and gender. Teenage males are the most costly for parents, with average increases capping at around 92%. Meanwhile, female teen drivers cost their parents less with an average increase of 67% to be added to existing policies. As for age, 16-year-old drivers spike their parent’s insurance with rates up to 96%. Parents usually catch a break when their teen turns 19 when rates drop to around 60%.
Adding teens to insurance policies can put a dent in their parent’s pockets, but there are ways to get a little money back,
“I’ve seen discounts as high as 25% for students who maintain at least a B average in high school or college.” Laura Adams, senior analyst for insuranceQuotes.com, says in a statement. “Students and their parents need to proactively request this discount.”
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