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- Due to the risks and inexperience of new drivers, adding a 17-year-old driver to your policy may increase your insurance up to 50 percent. But, adding a teen to an existing policy is the cheaper route, since the average individual premium for a teenager is $1200.
- Insurance companies may have substantially different calculations to determine insurance rates; these formulas will determine how cheap or expensive your insurance will be. Get quotes from multiple companies to compare the best rates.
- Insurance companies may also consider different factors when determining premiums for teens, including the need for the insurance, the insurance type required, information concerning the vehicle, the average distance driven, whether the teen is the primary driver and the teen's academic record.
- Once you cover your teen driver, rates will go either up or down throughout the years. Insurance rates generally come down as the teenager gets older. Traffic violations will increase the insurance premiums.
Risk
Formulas
Other Considerations
Fluctuation
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