The bottom line up front is simple: adding a teenage driver to your plan will increase your insurance rates. The good news is that you can control how much those rates hike.
First, there is a necessity to understand just why drivers between the ages of 15 and 21 are more expensive to insure. For one, the likelihood of a teenage driver being involved in an accident or traffic violation is several times higher than that of more experienced drivers. Another consideration is the amount of financial responsibility this age group has.
When coupling these tropes together, it becomes evident as to why insurers identify a liability.
So how do you mitigate how much your rates go up? We’ve compiled the 3 most important tips for saving money when adding your teens to your policy.
1. Be selective of your car. Cheaper, non-sport vehicles tend to be more cost-effective to insure.
2. Pay attention to insurance discounts. Your teen getting good grades could save you money on car insurance.
3. Safe driving matters. Some insurance providers install safe driving devices that monitor the speed, distance, and time that teen conductors drive at.
The implementation of these 3 rate reducing methods for each of your teen drivers could mean the difference between a rate increase that breaks the bank and an insurance experience that leaves you both satisfied and at peace.