Moraga says the best thing your teen can do to save you money is maintain "a very clean driving record." Rates won't start to improve until they reach age 25."Parents who add teens to their policies will see a rise from 50 percent to 100 percent," says Moraga. "If a teen gets a ticket or gets into an accident, the cost impact will be higher than if somebody else [in the family] did it."
The 7 Most Terrifying Car Insurance Words
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.