An annual analysis done by Insurance Quotes has found that your annual insurance premiums would still increase substantially if you added your teenager to your auto insurance. But studies have also revealed that the magnitude of these premium increases has been falling gradually in the past few years.
Currently, if you add your teenager to your auto insurance policy, then you can expect your premiums to increase up to about 78%, or $671 compared to the 85% increase that was recorded in 2013.
Factors like safer automobile technology, continued effects of driving programs, and the decrease in the number of licensed teenagers has impacted this significant decrease. These restrictions that have been set for new drivers up to the time that they gain adequate experience on the road have been of great help and proven to be very beneficial to both the teenager’s parents and the insurance companies.
But the impact of adding teenagers, especially boys, to your family auto insurance can cause you to give up more money for your annual insurance premiums. When you put your male teenager in your auto insurance, you will increase your insurance policy rates to about 89% compared to female teenagers who rate about 66%.
Premiums on the family insurance policies have increased significantly, especially when teenage boys were added to the family auto insurance. This was as a result of boys having more accidents with cars than more experienced drivers, and they also file more insurance claims.
In 2015, a record by the National Highway Traffic Safety Administration showed that almost 1,900 teenage drivers aged between 15 and 20 died in car crashes. This was a significant increase in these teenage accidents and deaths by 9% from 2014.
A study by the Centers for Disease Control and Prevention also found that the leading cause of death among many teenagers was a result of motor vehicle crashes.You will also notice that the impact of adding your teenager to your auto insurance varies from state to state just like insurance costs.
How to reduce your family auto insurance after adding your teenager to your policy
Some insurers offered significant discounts to the insurance premiums of the students that recorded high grades in schools. This, however, was not entirely an accurate and effective way to go as good grades don’t directly relate to good driving. Discounts were also offered to the teenage drivers who took their driving education classes.
Some cars are safer than others
There are some safe and affordable cars that you can get for your teenager. In most instances, you find that the larger and heavier vehicles are best.
How to reduce distracted driving
New technology is emerging that will help a lot in regards to texting and chatting about social media while driving. This technology will disable all of these features on your mobile which will then give the teenagers more time to concentrate on the road.
Does your teenager need auto insurance coverage? Click here to contact the experts at Davco Insurance today!