Allowing your teen to drive can be a very unsettling moment for any parent, but what is also unsettling are the costs of getting your teen covered with auto insurance. By adding a teen driver to their policy, mom and dad will pay on average 80% more in premium for their auto policy and this number differs wildly depending on the state in which you live.
Citizens of the states New Hampshire, Rhode Island, Maine, Illinois and Wyoming will all see their premiums double after adding their young driver to their policy. In New Hampshire alone the price of an auto policy soars nearly 115% after adding a teen driver! There is one big reason for why these increases occur; teens are responsible for an excessive amount of car accidents and deaths as compare to their older counterparts. In fact, according to the Insurance Institute for Highway Safety, 16-19 year olds are three times more likely to be involved in fatal accidents than drivers over the age of 20. However, the costs for teens drivers are shrinking. Thanks in part to states’ graduated licensing systems and fewer teens getting their licenses in recent years, the costs of insuring teens have gone down moderately since 2013. If you are looking to add your teen to your auto policy, we at Insurance Incorporated will work to find what works best for you and your budget without compromising your young driver’s safety.