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Teenage Car Insurance
For many teenagers, learning how to drive is an exciting rite of passage. For many parents, however, it can be one of the scariest and most nerve-wracking stages of life. But if you think seeing your child finally start going behind the wheel is already scary enough, we’ve got another one for you: sky-high car insurance fees.
That said, can a teenager even get their own car insurance policy? How does car insurance for new drivers work?
How Does Car Insurance for New Drivers Work?
According to Bankrate, the average annual cost of car insurance for new drivers, specifically teenagers, ranges from $2,313 to $4,837 in Illinois and $1,954 to $3,919 in Indiana. By the time the driver reaches 25 years old, that number drops down to $1,909 and $1,681, respectively.
If you’re confused why car insurance for new drivers is so expensive, especially for teens, here are some reasons why:
- Lack of a driving record. Since they only started driving recently, insurance companies have no way to assess how safe or risky of a driver they are.
- More expensive cars. New drivers who start their driving journey with a new car, or even a used one with low mileage, will be charged higher rates due to the higher cash value of their vehicle.
- The risk is higher. Data from the Insurance Institute for Highway Safety show that 16 to 19-year-old drivers get into 26 more accidents per 1M miles driven compared to 20 to 24-year-old drivers.
If your child is below 18, most insurance companies will give you the option to add them to your existing car insurance policy. If they’re over 18, however, it might make sense to get them their own policy
Can a Teenager Get Their Own Car Insurance Policy?
It’s possible for a teenager to get their own car insurance policy—as long as they’re over 18. However, if they’re 17 or younger, they need a parent or guardian to sign the policy in their stead, as the law states that minors cannot get into a legal contract.
This shouldn’t be a problem since the assumption is that the car’s title is under the parent’s or guardian’s name, anyway. In most states, minors are not legally allowed to purchase properties like vehicles and houses, albeit with some exceptions. For instance, minors declared emancipated in Illinois are allowed to enter valid contracts and can therefore make big-ticket purchases and sign insurance policies on their own.
That said, if this does not apply to your child and you co-signed their car loan or purchased the vehicle outright with your own money, you should be eligible to sign their insurance policy, as well.
Of course, if your teenager’s car is in your name, the process of adding them to your policy is pretty straightforward, should you choose to go down that route.
Getting Car Insurance for Your Teenager
As you can see, car insurance is a necessary expense for every driver—old and new alike. Here at Magnum Insurance, we care about getting you the best coverage for all your auto needs.
Contact us at 888-539-2101 and get a free quote today!
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