How Much is Car Insurance for a 22-Year-Old? – About Your Online Magazine

The best way to reduce your teen’s car insurance rate is to add it to your existing insurance policy, if he has one of his own, and then look for discounts to further reduce the cost. Other notable ways to reduce the cost of car insurance for teenagers include reducing your child’s coverageanger and getting multiple the full answer

Teen drivers usually pay more for car insurance than mature drivers because insurers consider them high risk. Fees generally do not drop until 25 years, unless you intervene with these strategies.

Four ways to cut car insurance costs for teenagers

Add your teen to an existing policy

Sharing an insurance policy with a teenage driver is often the most economical option for a family. For example, car insurance for a 16-year-old with a policy costs an average of $ 3,343 per year. In comparison, adding a teenager to an existing policy increases the premium by an average of about $ 1,400.

Look for applicable discounts

Most large insurers offer several discounts designed to help reduce the cost of a teen driver’s insurance. The two most common types of discounts that apply specifically to teenagers are good discounts for students and discounts for resident students. Good student discounts apply to high school or college students who maintain a certain GPA, while a discount for resident students reduces premiums for college students who go to school more than 100 miles away from their vehicle.

Teenagers may also qualify for some general discounts. For example, they can receive a discount if they get an approval defensive driving course or stay accident free for a certain period of time.

Reduce coverage

Considering the cost of car insurance for young drivers, your teen can save on the premium by limiting the amount of coverage included in his policy. However, they still need to comply with state law and avoid driving without insurance.

Get multiple quotes

The best way to reduce teen car insurance is to look for quotes from at least three different providers, especially if your teen is getting his own policy. Each insurer uses its own methods to calculate premiums, so the rate you receive from one company may not be the same as that of another. As a result, simply shopping could save hundreds of dollars a year for a teenage driver on car insurance.

To find out where to start, check out WalletHub’s choices for the best teenage car insurers. You can also find more information in our guide on how to reduce car insurance costs.

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Paula Fonseca