Experts say many people aren’t taking advantage of steps to ease the costs of car insurance when their teens get behind the wheel
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If you’re anything like me, you anticipated the birthday at which your teen was eligible for his (or her) road test with a combination of glee and dread. Glee because – finally – he could get himself to the tutor; she could pick up her little sister; your days as a chauffeur were coming to an end. Dread because you weren’t sure exactly how much adding this new driver to the family policy was going to cost, but you were sure it was going to be a lot.
I’ve been through the experience now twice. And I can tell you that you’re right on both counts. It is incredibly liberating to have another driver in the family. It is also tres expensive! Car insurance costs an average 79% more when a married couple adds a teenage driver to the family policy, according to a new report from InsureQuotes.com. Boys, as you’ve heard, boost costs more than girls – by 92% compared to 67%, respectively. And costs vary widely depending where you live. In New Hampshire, Maine and Rhode Island, premiums jump by more than 100%, while in New York and Michigan the increases are relatively reasonable at about 55%.
Say it with me: Ouch!
For the rest of the story, go to Fortune.com.