Teen Drivers — The Nation’s Most Affordable Teen Insurers

School has been back in session for over a month. With that many teen drivers are back on the road taking themselves and siblings to school. Maybe they’re not driving to school, or to work, but if they’re driving, it is expensive to insure them.

Forbes says it costs an average of $230 more a month to insure a new, 16 year-old driver. Add that to the $2,150 average the most families are paying for auto insurance per year and teen driving grows even more expensive.

And — as we know — younger drivers are twice as likely to be involved in a fatal crash than adults. The National Highway Traffic Safety Administration (NHTSA) said in 2022 there were 2,034 young driver fatalities. Add to that another 1,033 fatalities of passengers in their autos and the 1,608 fatalities caused by those teen drivers in crashes.

MarketWatch took a look at the most affordable carriers for minimal coverage for 16 year-old drivers in 2024:

• Erie Insurance: $1,487 annually
• Auto-Owners Insurance: $1,841 annually
• Travelers: $2,117 annually
• Geico: $2,187 annually
• USAA: $2,188 annually

These are the top insurers for full coverage:

1. Erie Insurance — $4,140

2. Auto-Owners Insurance — $4,209

3. USAA — $4,267

4. Travelers — $4,608

5. GEICO — $4,707

6. Nationwide — $4,798

7. American Family Insurance — $5,613

8. State Farm — $6,253

9. Progressive — $6,475

10. Allstate — $8,035

Source link: PropertyCasualty360.com — https://bit.ly/3C5GRZ5