A recent report by InsuranceQuotes revealed that families who added a teenage driver to their existing car insurance policy saw their annual premium go up an average of 79 percent across the country. While a 79 percent increase was average for families throughout the country, the amount your premium will increase when you add a teen driver to your existing coverage will depend on various factors, including the state you live in. In New Hampshire, annual premiums increased by 125 percent when a teen was added to a family’s existing policy, for instance, while families who added a teen to their car insurance policies in Hawaii only saw an increase of 17 percent.
In 2010, a study of 1,500 parents of teenagers between 15 and 19 years old revealed that the parents’ auto insurance costs increased an average of $800 per year when they added a teen driver to their policies. While it’s obvious that adding a teenager to your current policy might be expensive, everyone at our Lexus dealership near Ponte Vedra Beach, FL knows you’ll be happy to learn that there are things you and your child can do to help keep your insurance costs as low as possible.
To start, your child can do his or her part by getting good grades. Many insurers offer discounts to new drivers who maintain a minimum of a B average in school. Your son or daughter can also complete a driver’s education class. A lot of insurance companies will give you a discount if your child finishes this type of training.
If you’re looking for another discount, talk to your insurance agent about bundling your policies together. Insurance carriers often give discounts to people who have more than one insurance policy with the same company. If your car insurance is with one carrier and your homeowners policy is with a different one, you could be missing out on significant savings.
You should also let your insurance agent know where your child is currently living to see if his or her location can help cut the cost of your insurance. If your teen is in college, lives more than 100 miles from your home, and doesn’t have a vehicle, you may be able to save on the cost of your car insurance.
As Lexus dealers near St. Augustine, FL, we can help you pick a car that can also influence the cost of your auto insurance. In general, it can be cheaper to insure a sedan or crossover, particularly if it’s going to be driven primarily by a teenager. Visit Lexus of Jacksonville to look at our new Lexus cars and we’ll help you pick the one that’s right for you and your young driver today.