Car Insurance Policies For Teens/College Students In USA
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When a teenager is added to your insurance policy the premium can go up between 40-60% depending upon the number of cars you insure.
Start budgeting for car insurance rate increases as a typical bill will increase by 45% for a one-car family based on national averages.
The annual premium can go up by 55 % for a two-car family and by close to 60% for a three-car family.
Younger drivers are considered by insurance companies as the riskiest group among different age groups. CDC has found evidence that between the ages of 16-20 the likelihood of getting into a crash is close to 400% more than older drivers. This also is a major reason for death among teenagers.
Lack of driving experience is a factor while premiums are calculated by underwriters, so this increase is seen even for clean accident records among young drivers. From age 25 rates get better and middle-age drivers to have the lowest rates. Then the rates climb again after age 65.
Source: Insurance.com. Rates shown above are for a one-person policy. Average rates are shown for a policy with coverage of $100,000 bodily injury per person per accident, $300,000 bodily injury for an accident, $100,000 property damage per accident. Collision and comprehensive coverage were not included.
Lowering Car Insurance Premiums for Teenage Drivers
MyMoneyMyQuotes can find ways to reduce auto insurance rates for a teen by providing insight into the rates offered by different insurance agencies. We can provide a recommendation on adding a teen driver as an occasional driver to the parents’ policy versus getting a policy for teen himself or herself listed as the primary driver and the policyholder.
Use MyMoneyMyQuotes to compare car insurance quotes from multiple companies.
We can point you to insurance companies that provide better rates for holding a good GPA by the teen driver. A car with several safety features does lower insurance premiums, especially anti-lock brakes, and anti-theft devices.
The teen driver should have taken the safe driver training classes and even allow the installation of any monitoring device in the car for getting lower premiums. But safe driving and clean accident records are the best way to keep the auto insurance premium down for your teen driver.