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Teen drivers: the high cost of insuring a high-risk driver

Although the cost of adding teen drivers to their parents' insurance policies varies depending on where they live, teenagers behind the wheel are generally considered high-risk, making them the most expensive drivers to insure. Parents of Georgia teens may be interested in learning more about nationwide trends in the costs of insuring young drivers, as well as strategies that their teens can use to qualify for lower-than-average rates.

It can cost the most to add a teen to an existing policy in cities with a lot of rural space and open highways; there are more accidents with fatalities in rural areas due to the higher speed limits. However, rate increases are high in more populous states too. Arkansas currently leads the nation with premium rate hikes as high as 116 percent when a teen is insured. Maine and New Hampshire rate increases top 100 percent, and rate increases in New York and Texas fall between 62 and 73 percent. Hawaii is the most economical state in which to insure a teen driver with rate increases reported to be a mere 18 percent.

Teens can score discounted rates by employing a few simple strategies that make them a better risk for insurance companies. These can include keeping academic grades high, avoiding tickets for moving violations and at-fault accidents, taking a defensive driving course, and driving an older and safer large or mid-size family sedan. These indicate responsibility on the part of the teen, marking them as less likely to be involved in an accident.

If a car collision does occur due to a negligent driver, anyone injured may choose to seek the advice of a personal injury attorney as to the best way to proceed in order to pursue compensation for their injuries. Attorneys may be able to negotiate a fair settlement outside of the courtroom for their clients, but could also proceed to trial if necessary to procure the best possible outcome.

Source: Market Watch, "Have a teen driver? Open your wallet", Jennifer Waters, July 11, 2013

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