Best #AUTO INSURANCE For Teenage Drivers
The best overall coverage for teen drivers is offered by Geico, a company renowned for the service it extends to its customers. Geico also offers the cheapest auto insurance rates of any widely available car insurance company (though USAA is cheaper for families of military members or veterans). That said, there are still other companies that offer great benefits and incentives.
Best Car Insurance For Teen Drivers. Car insurance is one of those pesky expenses that we just won’t ever get rid of. If you’re looking at car insurance for your teen or you’re a teen yourself, then you might quickly realize that car insurance can get really expensive. In this video, we’re going to take a look at why car insurance is so expensive for teens and how to keep costs low.
Going through the above samples, there isn’t one clear company that can be considered the best car insurance for teen drivers in every state. While Geico was the top company in Florida and New York, State Farm outperformed them in California and Texas. Overall, Geico, State Farm, and USAA do seem to be the cream of the crop, however.
CarInsurance.com introduces a tool that provides auto insurance policy holders an opportunity to compare average rates for coverage options when insuring a teen driver. The resource, Parents’ guide: the best and cheapest way to insure teenage drivers, also discusses many factors related to adding a teen driver to an auto insurance policy.
At Progressive, rates drop by an average of 10% when a driver turns 18 and another 16% at 21. As your teenager becomes more experienced and avoids tickets and accidents, the price for teen auto insurance should keep decreasing. Average rates by age: Chart represents Progressive Personal Auto policies sold countrywide from January 2017-June 2017.
Auto insurance rates are higher for teens to cover the increased losses they are more likely to incur. Teens get in over 230,000 accidents each year, and car crashes are also the leading cause of death for teens. Every accident, death, and bodily injury or property claim is lost profit for the insurance company. Since your teenager may not have started working yet, you will likely be the one paying for all the damages.
Finding the cheapest car insurance for a teen driver can be difficult. Since teenagers are inexperienced drivers, they’re considered very risky to insure, and policies can cost thousands of dollars a year. It’s usually a lot cheaper to add a teen driver to an adult’s auto insurance policy than it is to purchase a separate policy. And the best way to find the cheapest coverage is to shop around and get quotes from multiple companies.
The cost of adding a teen driver to car insurance. The really big question is: How much does it cost to add a teenager to my car insurance? The answer: A lot. Teen drivers are immature and inexperienced. That's a horrible combination for premiums since insurance companies gauge premiums based risk. Young drivers are at the top of the risk list.
According to MoneySuperMarket data, the cheapest cars to insure for drivers aged 17-19 were: Volkswagen Up! – costing on average of £1,215 a year Citroen C1 – costing an average of £1,235 a year Fiat 599 – costing an average of £1,270 a year. Read more: 3 ways to monitor your teen behind the wheel Best cars for teen drivers 5 things to remember when selecting a first car for a teen driver Advertisement.
Adding a teen driver to an auto insurance policy. The sobering reality is that a parent can expect car insurance rate increases of about $3,000, on average, when adding a teenager to the policy. Boys cost more. Insurers view them as a bigger risk. The costs are even worse for teens who get their own policy. Those teens can expect to pay more than $6,000.
By far, the best way to lower car insurance costs for teens is for them to keep their driving record clean. Make safe driving a family project. In some states, restrictions apply to new drivers. GEICO is the cheapest option for Florida parents adding a teen to their car insurance. Whereas a 50-year-old will pay $1,723 per year for car insurance by themselves, they'll pay an average of $3,500 with their teen on the policy.
The Best Auto Insurance For Teen Drivers. Some auto insurance companies specialize in providing more than just cheap car insurance coverage to teen drivers. Check out our review of the top car insurance companies that offer discounts, education, and great rates for teen drivers—so you can learn how to save , teach your teen to drive better , and give them all the support they need to be safer behind the wheel.
