Discovering,How,Much,Insurance finance, share, loan Discovering How Much Is Insurance For A 16 Year Old
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Many parents wonder how much is insurance for a 16 year old. While these young adults are old enough to obtain drivers licenses, they are under-age and cannot legally enter into contracts. As a result, most teenagers must be added to their parents' policies. This fact is actually beneficial, because it is less expensive to add drivers to existing policies than to start new policies.Premium rates for teenagers are always higher than those for adults. This is due to the fact that teen drivers are more likely to be involved in automobile accidents. According to official estimates, 16-year-old drivers are nearly six times more likely to be involved in accidents than drivers who are between the ages of 30 and 69.If the licensed teenager will only occasionally drive a family vehicle which is also driven by other family members, the rates will be relatively lower. However, when a teenager is the primary driver of a vehicle, the rates will be higher.It is important for policy-holders to report the status of their teen drivers honestly. If a teen is the primary driver of a vehicle but the policy-holder reports she or he is only an occasional driver, there could be trouble. If the teenager is involved in an accident which she or he causes, the insurance company may investigate the circumstances because it will be responsible for covering some expenses. If they discover any policy-holder deception, the company may refuse to pay the claim, and will likely cancel the policy.Teenage males have much higher premium rates than teenage females. In fact, adding a 16-year-old male to his parent's policy may double the family's premium rates. Depending on coverage levels, the type of vehicle insured, where it is driven and how often, insuring a teenage male may range from about one-thousand to four-thousand dollars annually.While some factors are difficult to modify, such as home-towns and daily commutes, other factors may be modified to help reduce the costs of insuring teen drivers. They include the type of vehicle which the teen will drive. In general, the sportier, sleeker, faster cars carry higher insurance premium rates than those that are fuel-efficient and economical.Many factors determine how much is insurance for a 16 year old driver. In general, teen driver rates are among the highest of all drivers. However, factors such as good grades, economical vehicles, participation in defensive driving courses and upgraded vehicle safety equipment can generate discounts for teen drivers. Article Tags: Teen Drivers, Premium Rates
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