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Insuring A Teenage Driver

Yes, your teenager is excited to drive, but hold on! What about your rates? Will they rise? Will they stay the same? Is it smart to let your child drive your own vehicle or get their own?

FACT: Drivers under 25 are four times as likely as older drivers to die in an accident, reports the National Highway Traffic Safety Administration.

As a result, adding a 16-year-old driver to your auto insurance policy can come with a hefty price tag. Premium increases of 50 to 100 percent are not unheard of, says Christine Waters, spokeswoman for the Insurance Information Institute.

We've already determined it might get expensive, but, can you control the cost? Yes.

Shop around for the best rates
You need to get multiple quotes from as many sources as possible. You can use insuranceplan.net (our service), or a competitor. You can also call insurance companies like GEICO and Progressive directly, or head over to a State Farm, Allstate, or Nationwide office and speak with an agent. The bottom line is, you need to see what's out there and THEN evaluate your options. If that means adding your teen to your current insurance policy, or purchasing a separate policy for them (separate cars as well), then you need to know that going in.

What's the most cost effective auto insurance for a teenager? That's what you'll find out when you shop around.

Good student discounts? If your teen qualifies, this could be substantial savings.