For many teens, a driver’s license represents freedom and greater independence. For parents, a newly licensed teen driver can cause not only significant anxiety but a shocking surge in car insurance costs.
I almost fell to the floor when I opened the first auto insurance bill after adding my 16-year-old daughter to my policy. It was literally double the previous month. I was sure it was a mistake. Maybe I forgot to pay the previous month’s bill? I immediately called my agent, who couldn’t offer much comfort. It’s correct, he said. Add a teen to your policy and your premium will soar.… Read the rest