By Geoff Williams
If your teen is about to start driving, you’ll want to steel more than your nerves. Brace your wallet for the financial impact. The costs of having a teenage driver may be more significant than you realize.
Your insurance will climb. You know that, but you may not be prepared for how much. Andrew Rose, CEO of Compare.com, an online comparison site for auto insurance, says to expect your car insurance to more than double after adding a teenage driver. Based on data collected by Compare.com, Rose says a family adding a kid to the policy can see premiums increase 111 percent.
“If parents splurge to get the teen a car, policy premiums, on average, increase 156 percent,” Rose says.
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