It costs parents an average of $230 more a month when they add a new, 16-year-old driver to their policy, Forbes Advisor reports. When you add that on top of the average $2,150 that U.S. drivers pay annually for auto coverage, things start to get a little pricey.

Younger drivers are expensive to insure because of the amount of risk they present to insurance companies. According to the National Highway Traffic Safety Administration (NHTSA), motor vehicles are the number one preventable cause of death for those aged 13 to 18, and younger drivers are twice as likely as their adult counterparts to be involved in a fatal accident.

While the number of teen driving fatalities has decreased over the years, the impact of these incidents is still evident. NHTSA data shows that in 2022 there were 2,034 young driver fatalities, 1,033 fatalities of passengers of young drivers, 1,608 fatalities to occupants of other vehicles and 664 non-occupant fatalities associated with young-driver wrecks.

Of course, coverage needs will vary from person to person, and families adding a newly licensed teen to their policy must determine whether it's prudent to purchase full coverage insurance for their teen or to stick with their state's legally mandated liability limits.

MarketWatch reports that for those who choose to go with the state-minimum, the most affordable coverage for 16-year-old drivers in 2024 is from the following carriers: |

• Erie Insurance: $1,487 annually
• Auto-Owners Insurance: $1,841 annually
• Travelers: $2,117 annually
• Geico: $2,187 annually
• USAA: $2,188 annually

In the slideshow above, we'll look at the ten insurers Market Watch reports are the least expensive for full coverage insurance for teen drivers in 2024.

Related:

• Best states for teen drivers in 2024
• NHTSA shares back-to-school driving safety tips
• States with the least safe young drivers