Can I Lower the Cost of My Teens Auto Insurance?
It is very possible. Several factors go into the cost of insurance rates. The reason why auto insurance is so expensive for teens is that as a group teenage drivers have terrible statistics. According to the Insurance Institute for Highway Safety, 16-year-olds have an accident rate that is nearly 6 times higher than drivers between the ages of 30 and 59. That’s not likely to change soon. Consequently, it is not unheard of for parents to find themselves with an insurance premium that is 50% to 100% higher once a teenage driver is added to their policy. That is not to say there is no recourse. First of all, several factors are taken into consideration when setting insurance rates. These include: 1. Age and sex of the driver 2. Driving record of driver and how long this person has been driving 3. City in which the driver lives 4. Type of vehicle being insured Some of these you can’t or probably won’t change, obviously. But there are some things that can be done and some possible discounts
