Insurance companies are risk-averse, which means the more risky the insured, the higher the premium.
Few drivers on the road are more risky to insure than teenagers. Consider that motor vehicle crashes are the leading cause of death for people in the U.S. age 13-19, according to the Centers for Disease and Prevention.
New teen drivers will need to log some time behind the wheel before the cost of their auto insurance begins to come down. It may also help families with new teen drivers to know what teenagers can do to help curb their car insurance expense. According to Compare.com, the leading ways that teens can save money on car insurance include: |
- Comparison shopping;
- Completing a drivers' education course;
- Maintaining good grades;
- Enrolling in a usage-based policy; and
- Maintaining a clean driving record.
When it comes to that first money-saving tip — shopping for a competitive rate — new teen drivers and their parents may want to start with the five insurers listed in the slideshow above. Compare.com reports that these carriers offered the most competitive car insurance rates for 16-year-old drivers in 2023.
See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
