From our colleagues at the Bucks blog:
A new study from Insurance.com shows how much a parent’s insurance policy can go up when a teenage driver is added.
When a teenager is added to the parent’s policy, according to the study, the annual insurance premium for a one-car family typically increases 44 percent, while for a two-car family it generally jumps about 58 percent and for a three-car family, about 62 percent.
This is because drivers ages 15 to 19 tend to get into more accidents than older drivers and have little driving experience.
So how can parents of teenage drivers reduce the insurance costs? Insurance.com recommended comparing rates from different companies; making sure your teenager is driving a safe car that is inexpensive to insure; and asking for discounts if your child gets good grades in school, takes certain driving classes or drives a vehicle with a monitoring device installed. Read more here.
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