Insuring Teen Drivers Comes at Steep Cost
The Rate of Adding a Teenager to Your Insurance and other Must-Know Facts
Teenagers see it as a life-defining moment – parents feel it in their wallets. Putting a new driver on an insurance plan isn't cheap, but there may be ways to help ease the blow.
InsuranceQuotes.com reports that the average cost for adding a driver between the ages of 16-19 to a preexisting insurance plan can ratchet the price up 79%. This happens because young drivers are three times more likely to be in a deadly accident. This price tag encourages parents to look for money-saving opportunities, but the website warns parents that the car itself is not the place to cut corners.
A common idea among parents is that a junky used car is the best starter for their new driver. Damage to it will have little consequence, and it doesn't cost much. Insurance companies, however, may reduce rates if a young driver's car is equipped with safety features that decrease the likelihood of injury in an accident. Parents with new drivers can also find comfort in the fact that insurance rates for teens have been steadily declining from 85% as of last year. The state you're in can also affect the increase. insuranceQuotes.com has a calculator that can determine how rates may vary.
Was Your Young Driver Hurt in an Accident?
Insurance costs and paperwork can be tough to handle for a parent. If you have a teenage driver or passenger who was hurt in an accident, it might become unbearable. If your child suffered serious injuries, you don't have to deal with it alone – you may have a case.
Contact us for a free legal consultation. We'll tell you if we think you have a case, and there's no obligation to use our services. And as always, there's never a fee unless we get money for you.
Source: "The high cost of putting your teen behind the wheel." CBS News. July 17, 2014.