Teen drivers are becoming fewer and farther between and while that may be helping many parents to breathe a sigh of relief, it does not mean that insurance companies are okay with the move. The drop in teen drivers comes from various sources.

• Many parents are restricting teens from driving due to safety concerns.
• Some states are enacting stricter laws that are just going into place that are requiring teens to be older before they can drive.
• Teens just have not had the financial ability to pay for driving abilities, whether insurance is the factor or buying a car.

Regardless of why this is happening, it is clear that fewer teen drivers are behind the wheel. In fact, one survey conducted by Nationwide Mutual Insurance notes that one of the biggest reasons is that parents do not want to spend the extra money to put another driver behind the wheel. A third of parents are concerned over these added costs. One in seven of them are not allowing their child to get a license as a result.

How Expensive Is It Really?

Adding a teenage driver can be very expensive. In some states, that costs are as much as $3100 a year in addition to premium costs for the adult drivers. This includes the extra expense of rising gas prices. However, according to some trade groups, the cost of adding a teenage child to a car insurance policy can raise premium costs by as much as 100 percent. That is a scary number for many parents and it often ends up resulting in eating out less, spending less on entertainment overall or making other significant cutbacks in cost of living.

Industry Costs

Insurance companies are feeling the pinch and it is because of this that many of them are turning to more aggressive marketing tactics. For example, Berkshire Hathaway’s Geico is reporting a drop in auto premium revenue again, for the fifth year in a row. The costs are hurting insurance companies, but these reduced premiums may result in fewer payouts for the company, too, since teen drivers account for a sizable number of accidents across the country.

What You Need To Know

Is your teen a driver or will you hold him or her back? Costs are a big factor. Some parents are encouraging teens to enter into the job market to find an opportunity to raise the funds to pay for insurance costs. There is no doubt teen drivers cost more because of the increased risk, but for some, it may not be as much as others. Ask for discounts and be a good student to qualify for lower rates.

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