While increases vary from state to state an annual analysis found that adding a single teen driver to the policy can increase it an average of 78% . The penalty for teen drivers should really come as no surprise though; experts suggest young drivers tend to have more accidents than older, more experienced drivers.
So what can a parent do to reduce the cost of having a teenage driver on their policy? Many insurance companies offer “Good Student” Discounts for students who get good grades. Check with your insurance agent to see if this is available. Discounts are also available for new drivers that take driver’s education classes.
If you teen will have their own car, be smart about choosing the vehicle. While a teen may naturally gravitate towards a flashy sport car it may be better to opt for a car with a strong safety record.
