Your son or daughter has talked about it forever - the day they finally get their driver’s license. But with that new independence comes some big expense - in the form of higher insurance rates.
In fact, parents of a new teen driver can expect their insurance bills to almost double, according to a recent study.
The amount of your premium increase depends, in part, on what state you live in. In a report by insurancequotes.com, five states double their rates when teen drivers are added to an auto insurance policy. New Hampshire is the most expensive nationally - increasing rates 115 percent over the original premium, according to USA Today. Lagging behind New Hampshire were Wyoming, Illinois, Maine, and Rhode Island.
The increase may also depend on the gender of your new driver. Male teens increased premiums about 92 percent while females increased costs by 67 percent. Six states, including Pennsylvania, Massachusetts, Michigan, and Massachusetts, did not increase or decrease teen driving rates based on gender, according to the study.
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