“Youthful Ignorance” Doesn’t Cost As Much As You Think – Insuring Young People Vs. Old

Insuring a vehicle is a major expense for most families. For example, with an average car insurance premium costing between $800 and $1,000 per year in most states across the country. However, when you insure your teenage drivers with Young Drivers Insurance Group’s Teen Driver Insurance ProgramĀ®, you can save up to 40% on auto insurance costs by getting discounts from your State Farm agent and other top insurers.

Young Drivers Insurance Group specializes in teen driver insurance because they know that it’s important for parents to have peace of mind when their precious cargo leaves the nest! The Teen Driver Safety Course has been designed specifically to teach teens what they need to know before they drive. Since the course is State-approved, it’s a great way to get your teens started on a path of safe driving!

For people outside of the US, we recommend you compare your car insurance.

What is the average cost of insuring a young driver versus an older driver

Insurance companies are always trying to figure out how much risk they want to take on. So, when they look at a new driver, it’s not just about the cost of coverage for you. They also have to factor in the likelihood that you will cause an accident or be involved in one as well as your age and gender.

Insurance companies tend to like older drivers because they are less likely to be involved in an accident due to experience, than younger drivers. The figures vary by state but, on average, teenage drivers are about three times more likely than older drivers to be in accidents, according to the Insurance Information Institute (III). Still, the cost of car insurance for teens is an average of four times the amount for older drivers, according to a 2011 study.

In North Carolina, for example, you can expect to pay about $5,000 a year for car insurance if you are a 20-year-old male driver with no accidents and a good credit score. In contrast, a 60-year-old driver with a clean driving record is looking at an average annual premium of $1,252 – that’s about one-fourth the cost.

When should you get insurance for your child

Most insurance companies offer discounts if the child is added to your policy. You can access these discounts even if they are not driving their own car.

Finally, you may want to add your child as a second driver on your auto insurance policy to get discounts. However, be aware that some companies refuse to offer any discounts to children who drive other people’s cars because of this liability issue.

If you decide to add your child as a second driver on your auto insurance policy, just be aware that some companies refuse to offer any discounts to children who drive other people’s cars because of this liability issue.

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