New tool and guide show best options for coverage when adding young driver
Foster City, CA – Dec. 1, 2020 – It’s a stark reality that adding a teenage driver to an auto insurance policy hikes the rate significantly. CarInsurance.com, a one-stop destination for unbiased, expert advice on car insurance, introduces a tool that provides auto insurance policy holders an opportunity to compare average rates for coverage options when insuring a teen driver.
The resource, Parents’ guide: the best and cheapest way to insure teenage drivers, also discusses many factors related to adding a teen driver to an auto insurance policy such as: choosing the appropriate car; deciding how much coverage is needed; how to save; and when (or if) to consider having a teen get his or her own policy.
“The new calculator shows the savings realized by adding a teen to an existing policy rather than paying for two policies,” explains Michelle Megna, CarInsurance’s editorial director. “Readers can see the cost of insuring a teen on his or her own policy, the cost of the parent policy, and then the cost when a parent adds a teen. While parents pay more after adding a teen, it is still much less costly than a teen buying their own policy.”
Adding a teen driver almost always raises rates, on average increasing 130% ($2,000 annually) to cover a teen under the parents’ car insurance policy. While expensive, there are steps to secure the best coverage at the most affordable rate.
To use the new “Add-A-Teen-Driver Calculator,” drivers enter the teen’s gender and age, the driver’s location and whether the policy is owned by a single parent or married couple. Results reveal the estimated cost for an individual policy for a teen as compared to the cost if added to the parents’ policy and shows the amount of savings for the household.
In addition to the new calculator, the guide from CarInsurance discusses and explains:
- How to add a teen to a car insurance policy. There are several important strategies to follow, such as assigning teens to the cheapest car in the home, comparing rates from at least three companies and exploring possible discounts.
- Deciding how much coverage is needed. It is recommended to get full coverage for the teen driver being added to the policy, though it may be tempting to remove comprehensive and collision from older vehicles to save money.
- Choosing the best car. Safe and reliable is the way to go for teenagers. But sports cars? Experts say steer clear.
- Comparing rates to get best coverage. Shoppers should have a specific vehicle in mind, do some research and have a year and VIN available to get the most accurate rate.
- When should a teen get his or her own policy? Usually never. But there are unique situations in which this may make sense.
- Ways to save on teen’s insurance. These range from taking a defensive driving course to digging for student discounts.
“Every insurer calculates their rates differently so shopping around for the best car insurance rates may save hundreds of dollars, if not more,” adds Megna. “What can help in the future is the teen driving safely -- not speeding or getting into accidents. Within a few years, rates can come down drastically if the teen driver is able to keep a clean record and qualify for a good driver discount.”
Megna is available to explain CarInsurance’s various calculators and elaborate on how they can benefit drivers.
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CarInsurance is a one-stop online destination for car insurance information, providing unbiased, expert advice on how to shop for insurance plans, what consumers should pay and what coverage they can get from a policy. Since 2003, CarInsurance.com has been educating consumers through its breadth of expert content, tools, and in-depth studies to help site visitors make informed decisions about their car insurance.
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