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UPDATED: Mar 13, 2020
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Prepare yourself for an increase in insurance premiums as well as a great deal of worry. Adding any young person to your insurance policy will cost additional premium dollars as we all know, but there are ways of reducing premiums even for teen drivers.
Before beginning your search for less expensive insurance for your teen driver, you need to understand some of the statistics and facts as given by the Centers for Disease Control, a government site concerned with the health and welfare of Americans.
In 2011, roughly 2,650 teens aged sixteen to nineteen were killed and around 292,000 were treated for injuries in emergency departments across the nation.
Monetarily, young males aged 15 to 24 years of age were responsible for 30% of the total cost of accidents, whereas, young females of the same age are responsible for 28% of the total cost of accidents.
Be sure to compare car insurance quotes often using our FREE search tool above! Simply enter your ZIP code to get started.
Statistics for Teen Drivers at Risk by the CDC -in 2011
- Male drivers and passengers ages 16 to 19 years had a motor vehicle death rate of almost two times that of female drivers and passengers.
- The presence of teen passengers increases the accident risk for unsupervised teen drivers. The higher the number of passengers, the more likely the young driver is to have a fatal accident.
- Newly licensed teens are more likely to have accidents within the first few months of obtaining their license.
Get Quotations to Compare Insurance Rates among Companies
Typically, the rating schedules for teen females are lower than that for teen males.
However, as girls are becoming more independent, these rates are rising because of statistical increases in accidents.
In Europe, legislation has mandated that there should be no discrimination between sexes as far as insurance rates are concerned, causing teen insurance rates to become higher overall.
Steps for Acquiring Quotations
Plan to get quotations from at least three different insurance companies to fairly assess the difference in premiums among companies.
Consult with family, friends, and co-workers about their experience with different companies to begin.
Assess Insurance Companies
Statistics available for insurance companies are their financial rating and the ratio of complaints against the company as compared to the amount of premium they sell. You can acquire information about these and other consumer concerns from the following:
- Your state’s insurance department – usually found as a department of state government. Licensing, rates, financial status, and complaint ratios are usually available.
- The National Association of Insurance Commissioners (NAIC), a nation-wide association that will provide financial status and complaint ratios as well as a great deal of consumer information.
- A.M. Best Ratings – a business, which provides financial ratings for insurance companies.
- Standard and Poor’s Ratings – provides financial ratings for a number of industries, including insurance
As you approach insurance companies for quotations, be certain that you are aware of their business sense as well as complaints against them.
Determine Coverage to be Purchased for Your Car
Go to your state’s insurance department to determine the required limits of liability for drivers in your state. Consider the following limits, which exceed the requirements of most states:
- Bodily Injury Liability – your responsibility to others for bodily injury caused in an accident with your vehicle – $100,000 per person and $300,000 per accident is recommended. You may wish to increase this with the addition of young drivers.
- Property Damage Liability – your responsibility to others caused by an accident with you or a member of your household – $50,000 per accident.
- Medical Payments Coverage – $5,000 to help defray the emergency expenses resulting from an accident for you and members of your household.
- Uninsured Motorists Coverage – $100,000 per person, $300,000 per accident to help pay for medical expenses if an uninsured motorist causes an accident with you. Consider this because in some states over 17% of drivers do not carry insurance.
- Physical Damage Coverage – damage to your own car in an accident whether you are at-fault or not. Comprehensive pays for vandalism, fire, theft, animal damage, and storm damage to your vehicle. Collision pays for damage to your car from being hit by another car or running into an object such as a light pole.
Select a deductible to apply to physical damage coverage. No deductibles usually apply to liability coverage, but a $500 deductible on comprehensive and collision can help save money in premiums.
Necessary Personal Information to Obtain a Quotation
Insurance companies have a number of things needed to prepare a quotation for you, so if you have this information available, it will streamline your request:
- Names, dates of birth, addresses, and drivers license numbers for all drivers in the household
- Educational backgrounds and occupations for all drivers
- Social Security Numbers and telephone numbers
- Make, model, and VIN number for autos insured
- Usage of autos insured
Saving Premium Costs, Especially with Young Drivers
- The most reliable way of saving money on insurance is to shop for coverage and premiums
- Purchase vehicles that are less expensive to repair
- Insure your car and home with the same insurance company
- Purchase vehicles with safety features such as airbags and anti-lock brakes
- Drivers education courses for young drivers
- Belonging to certain organizations or working for certain employers – for example: government employees, teachers, military personnel
- Protect yourself and your young driver by driving sensibly and avoiding traffic citations, which can increase your premiums.
More states are beginning to recognize that inexperienced drivers need more education and experience in driving to avoid fatal accidents.
Check with your state’s Department of Motor Vehicles or Department of Insurance to determine your state’s requirements, but most common are:
- Initial age of licensing – 15 years
- Mandatory holding period in which the driver cannot drive unsupervised, but must have a certain number of supervised daylight hours experience and a certain number of night hours.
- Unsupervised driving allowed at 16 years after having completed the necessary driving instruction – then only supervised driving allowed between certain night hours such as from 11 p.m. to 5 a.m.
- Passenger numbers are typically restricted.
- Age 18 – after having satisfactorily followed state licensing laws – full driving privileges
Examine the Quotations you Receive
Read the quotes you receive carefully to determine exactly the insurance you are purchasing.
When the policy is issued, read the policy to examine your rights and responsibilities as well as those of the insurance company.
Plan to pursue quotations again next year because rates and companies change. Be sure to use the FREE quote comparison tool below to keep up with the most current car insurance rates.