Price Hike For Adding a Teen Driver To Insurance? 79%
NEW YORK (TheStreet) -- Adding a teenager to your auto insurance can raise your bills by 79%.
That number comes from InsuranceQuotes.com, which says car insurance costs that much more after a typical married couple adds a teen driver to their policy.
Teenage boys are much more expensive to insure than teenage girls, InsuranceQuotes.com says in a report. Boys add 92% to your premiums, and girls add 67%. The good news is that the premium increases decline each year, from 96% for 16-year-olds to 58% for 19-year-olds.
Living in some states can really dent your wallet with a teen driver. The study notes that premiums double in seven states: New Hampshire (plus 111%), Rhode Island (plus 107%), Maine (plus 107%), Wyoming (plus 106%), Connecticut (plus 102%), Illinois (plus 101%) and Oregon (plus 101%).Also see: 3 Credit Cards Good for Your College Freshman here. If you’re saddled with higher rates due to a teenage driver, there are a few steps you can take to ease the damage. "A great strategy for lowering car insurance costs is to sign up for pay-as-you-drive car insurance," said Laura Adams, a senior analyst at InsuranceQuotes.com. "These programs allow companies to track your driving habits and can lead to significant discounts, especially if you're a safe driver who doesn't rack up too many miles. Teens who excel in the classroom should also take advantage of good student discounts." Also see: 3 Self-Protection Tips for Sandwich Generation Members Feeling Squeezed here. Some states offer safe-driving classes that also can help curb the costs of auto insurance for a son or daughter. Check with your state’s insurance office for details. Check this website for the office contact information for your state.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV