Happy Graduation – it’s the end of the school year! Many graduates are off to college in the fall, and many teens are set to reach driving age over the summer.
At this exciting time, parents also find themselves under stress.
What is the cost of insuring our teen for driving?
How can I make sure they are properly protected, but at a reasonable price?
As one of the best independent agencies in the Rockville MD area, we know the ins and outs of the insurance industry. We work with you to help find the best deal for the entire family!
It’s no surprise that new teenage drivers are some of the most costly to insure. Since teenagers are inexperienced drivers, they are considered very risky to insure.
Since a new driver has no driving record, insurance companies have to use data to estimate risk and set policy prices. New drivers, especially male teenagers, cause crashes at a higher rate than any other group, with 16 to 19 year olds responsible for three times as many fatal accidents compared to adults over the age of 20. Teenage boys cause approximately two-thirds of those crashes.
In most cases, it is cheaper to add a teen to an adult’s auto insurance policy instead of having their own policy.
The next step is to shop around for good coverage at the right price. It helps to speak to an independent insurance agency (like R&G Insurance). Independent agencies can shop around with different companies to find the best deal. This saves you both time and money!
It also helps to consult a knowledgeable agent who can identify your eligibility for potential discounts. These include discounts for good grades, defensive driving, or being away at college. These are all great ways to save money on your insurance premium.
Congrats Grads! We wish you all the best, and enjoy the celebrations. You certainly deserve it! Just remember to drive safe!