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Do you Need a Personal Liability Umbrella policy?
Friday, 8 July 2016
It's no secret: Adding a teenage driver to an auto policy can be risky.
Teen drivers are often inexperienced, nervous and wreckless. In fact, according to the Arlington, Virginia-based Insurance Institute for Highway Safety, the fatal crash rate per mile driven for drivers between the ages of 16 and 19 is almost three times higher than all other age groups.
Not surprisingly, adding a teen driver often causes a dramatic spike in annual auto policy premiums â€• so much so that they can even double in some areas. According to some sources, on average U.S. families who add a young driver to their auto insurance policy will see an annual premium increase of 79%.
For the fourth year in a row, Quadrant Information Services conducted a survey to examine the economic effect of adding a driver between the ages of 16 and 19 to a family's car insurance policy. According to the study, this year's average premium increase is down from last year's average of 80%, and is even lower than 2013, when the average increase was as high as 84%.
These gradual decreases speak to a larger trend in teen driver safety and fewer teens being behind the wheel. According to a study from the University of Michigan, 69% of 17-year-old Americans had a license 30 years ago. Today it's 45%.
It was not surprising for us to see that TENNESSEE is one of the Top 10 most expensive states where adding a teen driver to an auto policy is the most costly. This is the first year Tennessee has made the survey and dropped into the #10 spot. According to this survey, a parent adding a teen to their auto policy could face a 92.21% average auto insurance premium increase. The number 1 state in the survey? New Hampshire with 125.39% average premium increase.
Here at Benton White Insurance, we're not seeing quite that much of an increase with our companies. I usually suggest that you could see a 50 to 75% increase if you add a son to the policy and about 40% increase if you add a daughter. Nevertheless, parents of future teen drivers need to be aware that it definitely will upset your budget when you add teens to your auto policy.
Let us help you manage all of this. If there is something else we can help you with, we're an email away at info@BentonWhite.com or make that easy call to any of our staff at 615.377.1212. Thanks for reading!
Posted on 07/08/2016 10:08 AM by Benton White
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