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Tips for Adding a Teenage Driver to Your Auto Insurance

5 September 2017 By admin Leave a Comment

The financial shock of adding a teenager to a family auto insurance policy is getting less shocking — at least somewhat.

An annual analysis by insuranceQuotes.com, a rate comparison site, found that adding a teenager still increased annual premiums substantially, but the magnitude of the increase has been falling over the past few years.

Adding a single teenager to a policy caused annual premiums to increase an average of 78 percent, or $671. But rate increases have been decreasing since 2013, when the average increase was 85 percent.

Laura Adams, senior insurance analyst with insuranceQuotes, said that factors in the trend may include safer automobile technology, a dip in the number of teenagers getting driver’s licenses and the continued impact of “graduated” driving programs, which place restrictions on new drivers until they gain more experience on the road.

But the impact of adding teenagers to a policy is still a jolt to families, especially those adding boys. Putting a male teenager on your insurance policy increased rates an average of 89 percent, compared with 66 percent for a female teenager, the analysis found.

 Ms. Adams said premiums increased when a teenager was added because, statistically, younger drivers — particularly boys — have more accidents than older, more experienced drivers, and file more insurance claims.

Nearly 1,900 drivers aged 15 to 20 died in car crashes in 2015, according to the National Highway Traffic Safety Administration, up 9 percent from 2014.

By ANN CARRNS 

See full story www.nytimes.com

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Filed Under: Interesting Stuff Tagged With: auto insurance

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