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Auto insurance for teenagers has always been expensive, and that will probably never change. It's common for most parents to add their teen as a named driver to the family auto policy because it is usually the most affordable alternative.
However, less expensive doesn’t mean cheap. That’s because insurers calculate their rates based on the likelihood of a driver getting into an accident. The National Safety Council says that drivers between the ages of 16 and 17 are three times more likely to be killed in a traffic crash than drivers between the ages of 25 and 64. Statistics like these make drivers under the age of 25 bigger risks in the eyes of auto insurance companies, so expect your premium to increase anywhere from 50 to 75 percent.
There are some other important factors that affect how much you will pay when adding your teen to your insurance:
While the deck seems to be stacked against you, there are ways you can lower premiums:
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