Ben Galbreath
Adding a teen to your car insurance policy can cause your rates to double, but there are ways to lessen the rate hike. Producer Ben Galbreath spoke with Insurance.com to explain what parents need to know about adding a teen driver to their auto insurance.
Adding a teen to your policy will increase your rates, on average, by 102%, according to CarInsurance.com rate data.
“Teenage drivers are inexperienced drivers who are less aware of their surroundings and have a tendency to drive too fast and less responsibly, which makes it more likely that they will have a claim,” Ben said.
To reduce premium costs, he recommended purchasing an older model vehicle for your teen to drive. “A sedan is usually best to lower your costs versus a sports car or SUV,” Ben advised. “I recommend covering the teen for liability only until they are about 20 years old, which is the age when coverage rates tend to come down.”
When deciding which household car the teen should be attached to, Ben commented: “Most insurance companies today are moving away from insurance rating based on the car, but for those that still do, the teen should be assigned to the car with the lowest value.”
Read the full CarInsurance.com article here.
Questions about purchasing a teen car insurance policy in Springfield or Urbana, Ohio? Contact Wallace & Turner at 937-324-8492 or info@wtins.com