young man driving his car

November 30, 2019 2 min to read

Tips for adding teen drivers to the insurance policy

Category : Cars, Transportation

So the day has come. Your teen has started driving.

But before they get behind the wheel, they’ll need to get insured. Whether they have a car of their own or they just plan on driving dad’s old truck around on the weekends, they should be added to your auto insurance policy.

Teens are considered to be the “riskiest” demographic on the road.

Data from the Centers for Disease Control and Prevention shows that new drivers between the ages of 15 and 19 are four times more likely to be involved in an automobile accident, which is why they are the most expensive group to insure.

Statistics show that a one-car family can expect their annual insurance costs to increase by 44% after adding a teen driver.

For families with two or three cars, that number can be anywhere between 58% and 62%. Despite the expense, it’s a smart move to have auto insurance, and in most states, it’s the law.

It can be hard enough to pick insurance that’s right for you, but adding a teen driver to the mix can complicate things.

But have no fear! It doesn’t have to be a painful process. Once your teen has their license, contact your insurance provider to let them know they’ll need coverage.

Here are some helpful tips on how to get through the process and save money along the way.

Add them to the family policy; don’t give them their own. Your kid has their own car, that must mean they’re ready for their own insurance policy, right? Not so fast!

This is often a big mistake that parents make when it comes to insuring their child. A teen with a single-person policy can expect to be pay around $2,999 a year for liability coverage alone.

If you opt for adding them to your existing policy, you’ll likely find big savings. On average, parents will see their bill increase only $621 a year for an added teen driver. It’s still a good chunk of change, but not so bad compared to the alternative.

Don’t be afraid to shop around. Adding a new driver is the perfect time to take a look at other insurance companies that may be able to offer better deals or coverage.

Call and get a quote from other agencies to compare prices. Sometimes you can find savings in the hundreds of dollars just by making a simple switch. You may also find it a good time to bundle your policies…
 
Continue reading the article and learn more about auto insurance on Fancy Ladies website.
 
 

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