Teens and Auto Insurance

When your teen gets their license, it is not uncommon to feel a wide range of emotions. While you are happy that they have reached a milestone in their life, it also means that you will not always be with them while they are on the road. It also means that you will have to start paying much higher auto insurance premiums.

Adding your teen driver to your auto insurance policy will almost double the cost of your coverage. This is because auto insurance providers believe that teens are some of the riskiest drivers on the road. This belief is backed by many studies, including a study that showed that the crash rate per mile driven for drivers 16 to 19 years old is four times higher than the same risk for older drivers. The highest accident risk is for 16, whose crash rating is double that of 18 and 19 year olds.

Another study compared the auto insurance rates in 10 zip codes in each state of what it would cost for a 40 year old male to insure his 2014 Honda Accord, and then what it would cost to add a 16 year old teen driver to the policy. Across the country, the auto insurance bill for the household raised on average by 152 percent. When adding a teenage male to the car insurance bill, the premiums rose on average by 172 percent, while adding a female teen driver only caused the rates to rise by 129 percent.

When looking for the right car insurance policy that will protect your whole family, contact the insurance professionals at The Schwab Agency in Colleyville, Texas. We will work with you to ensure that you have the right amount of protection, all at the right price to fit your budget.

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