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Should You Add A Teenager to Your Auto Insurance Policy?

27 day(s) ago

The cheapest way to insure your teenager when they’re driving, is to add them to your car insurance policy, and while it can still be costly, many insurers offer competitive rates. Let’s look at how much it might cost:

What factors determine the cost of adding a teen to a car insurance policy?
A variety of factors can influence the cost of adding a teenager to a car insurance policy, and while every situation is different, it can be helpful to note the following:

•    When a teenager is added to a standard car insurance policy, the average household’s insurance bill could rise by as much as 152%
•    Teenage boys are more expensive to insure than girls
•    California has the highest insurance rates when it comes to teenagers

As most of us are aware, teenagers are far more likely to crash when driving than older people, and in fact, the risk is four times as much, with 16-year-olds being the most vulnerable. 

Shopping around for the best car insurance rates is strongly recommended, as prices can vary greatly from one provider to another.
 
How can you add a teenager to your car insurance policy?

It’s helpful to add your teenager to your car insurance policy when you initially sign up, but if you want to add them to your new or existing policy, here’s what you should do:

1.    Contact your insurance company
2.    Discuss the policy changes in detail with the insurance professional, and make sure you’re clear on what coverage you need, and what you will be paying for it. Ask about possible discounts such as a multi-car if you’re adding another car to the policy
3.    Have all relevant information to hand, such as your teen’s drivers license information and vehicle registration details
4.    Don’t rush into making a purchase; but make sure that your teenager isn’t driving on a full license without having been officially added to a policy, whether it’s yours or their own

What happens if a teen gets a ticket?

All driving records together on the same policy, will have an impact on your premiums, and while you may share the discounts, you’ll also share the risk. So, if your teen gets a ticket, your premiums will likely go up, and typically from between 5% and 20%.

Can a teenager buy their own insurance policy?
They certainly can, however, it’s important to be aware that some states have different laws surrounding a teenager’s ability to sign for insurance. In some cases, a parent may have to co-sign, and there is little chance that doing it this way will be any cheaper, in fact, it’s likely to result in higher premiums when compared to adding a teen to an existing, parent or guardian’s car insurance policy.

Ultimately, there are costs involved with adding a teenager to your car insurance policy, but it’s the cheaper option when compared to them having their own policy, and as insurance is a necessity, it’s just something you have to accept. To find out more about adding a teenager to your car insurance policy, contact an experienced insurance professional.

We Insure Miami was founded on the principle that every individual and business, big and small, has assets and valuables that need to be protected and insured against forces outside of our control. We offer Homeowners, business and commercial auto insurance in miami FL. Our agents understand that you work hard every day to protect your car, home, business and family. WE are passionate about Insurance and passionate about serving you. If you are looking for homeowners or business or car insurance companies in miami, contact us for a quote or a complimentary review of your insurance policies.

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