Young drivers obviously retain less experience behind the wheel than adults and are generally more prone to wrecking their vehicles. While this particular point may seem commonsensical, the statistics certainly reinforce the point we’re attempting to make here.
In a study which focused on the industry’s leading auto insurance companies, researchers found that auto rates for teenagers cost four times more than quotes offered to drivers in their mid-fifties. However, once these teens had been driving for a while, they experienced a prompt decline in their rates. For instance, by the time a driver hits the age of 25, they may see a 60 percent drop in their current car insurance rate. As time progresses, these same drivers will gradually experience further price reductions.
Unfortunately, high teenage auto insurance rates are generally well-founded. While only 6 percent of all licensed drivers are aged between 15 and 20, this demographic is involved in 11 percent of all fatal crashes. Due to this alarming statistic, 16 years old drivers pay an average annual sum of $8,226 to stay insured. Though this figure is reduced to $6,456 by the time they hit 18, it can obviously prove difficult for teens and their parents to swing this hefty price tag.
Luckily, there are ways for young drivers to sidestep these steep rates. Really, it comes down to locating an auto insurance agency, which offers reasonable policies to inexperienced drivers. By working alongside the proper agency, you’ll be able to pick and choose the proper course of action for yourself and your family.
As your local Nationwide Insurance agent, Brad Sizemore Insurance can offer tips on decision making, driving practice, parental involvement and driver distraction. If you’d like to gain access to some of the most innovative auto insurance products on the market, all you have to do is speak with a Brad Sizemore representative today. This full service agency will help you to stay properly insured without paying extreme prices. Serving Wilmington, Leland, and Hampstead, North Carolina, Brad Sizemore Insurance Agency is happy to help with your car insurance needs.