Travelers $1,056/year ($88/month) We calculated these numbers by averaging rates for 40-year-old good drivers who have only the minimum mandatory insurance in their state. Such light coverage isn't typically recommended, since it might not cover all the bills resulting from a car accident, but it's better than nothing — especially if you can't afford much more.
No matter what, car insurance is compulsory and you legally have to be covered. The government cracked down on uninsured drivers with the introduction of Continuous Insurance Enforcement (CIE) which states that every car, whether on or off the road, has to be covered. The only exception is if the car is declared off the road with a Statutory Off-Road Notification (SORN).
Typically, adding a teen driver to their parents' policy will be a cheaper alternative to getting a teen a car insurance policy on their own. The person most affected in this case is the parent, who is taking on a significant risk by adding a new, teen driver to their policy. As a result, insurance companies will increase their yearly payments. Nonetheless, the increase is still far less than the yearly price of getting a teen their own insurance.
As the parent or guardian of a young driver, you know it's essential to have good car insurance to protect them. Whether you're paying for it or they're working hard to foot the bill, it's a new expense for your family. Fortunately, you can find cheap car insurance for teens without breaking the bank. Here are the six ways to lower the cost of a young driver on your policy:
Liberty mutual $3,266/year ($272/month) To get these figures, we averaged rates for 40-year-olds with one recent at-fault crash and the typical "full coverage" insurance. Your rates will remain high for three to five years after you cause an accident or have a moving violation. If you fall into this category, be sure to shop for new insurance rates just after the three-year and five-year anniversaries of your infraction.
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Unfortunately, young drivers pay more for car insurance because you have limited driving experience. Although car insurance rates are highest for teenagers, young adult drivers often pay more for insurance until they are 25 or 26—or even up to 30. The only way to know which insurance companies are best for young adults is to compare competing quotes from a handful of auto insurance companies—every car insurance company prices their policies differently.
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