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Most 16-year-old teens are thrilled by the prospect of getting their driver’s license for the first time. Some parents are, understandably, less enthusiastic. Because while a driver’s license  may mean new freedom for teens, it also means increased auto insurance costs for these new and inexperienced drivers.

The CDC reports that nearly 292,000 teens were injured in car accidents last year. As a result, according to a new report, the average parent spends about 80% more for car insurance when a new teen driver is added to the policy. The rates for teenage boys tend to be about 20% higher than the cost for insurance for teen girls. These increased costs can be overwhelming for parents. Current research has shown that the rates for car insurance don’t tend to decrease until a teen turns 19. That’s a long time to be paying such high rates!

So, what can be done to control costs? Ray Schackow, Primary Agent and Owner of Darr Schackow Insurance, recommends that parents carefully consider the type of car they purchase for their teens in order to save money on premiums. “Keep in mind that the make and model of a vehicle impacts the cost of insurance. Providing your teenager with a slightly older car that has a high safety rating will save you money on their insurance policy,” says Schackow. Teenagers who consistently maintain high grade point averages at school are also sometimes eligible for “Good Student” discounts from some insurance providers.

According to AAA, the period of time between the Memorial Day and Labor Day holidays are considered the “100 Deadliest Days” due to the high number of teens on the road during this time frame. Parents should enforce a curfew and consider enrolling their child in a driver’s education supplement course. Successful completion of driver's ed courses can also help parents cut down on the cost for insurance.These discounts vary by carrier, so it is important to reach out to an insurance agent to ask about potential discounts.
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