Turning 16 is one of the most exciting milestones in many people’s lives. When you turn 16 you feel like you’re growing up and have a new sense of freedom having the ability to get a driver’s license. This is a very exciting life event for a teenager, however, we found most parents dread the day for many reasons; the thought of their child now driving scares them, they’re scared about other drivers on the road, and of course they dread the large premium increase they will experience adding their teenager driver to their policy.
Most of the time the very first question we get when adding a teenage driver is: “why is it so expensive?” Well, there are many reasons that insuring a teenage driver is so expensive. Below is a graphic showing some teen driving statistics that may surprise you (reference: Safeco Insurance (2019, January 15) https://www.safeco.com/blog/teen-driving-stats)
The statistics speak for themselves. Insurance companies need to rate appropriately for the fairly high chance they could pay a claim related to a teen driver. While it’s painful to pay the premium in the beginning, it will get better as a teenage driver gets older. Parents keep in mind the high premium will be short lived, but well worth it to protect your child!