According to Mark Friedlander, from the Insurance Information Institute, a parent or guardian must sign together, since a 16-year-old cannot sign a legally binding document, such as an insurance policy, on their own. If you're looking for the best car insurance for 16-year-old drivers, you can consider some of the providers listed below when asking for car insurance quotes. Because your premium can be relatively expensive if you add a 16-year-old driver, you might be looking for affordable car insurance for your teenage driver. For 16-year-old male drivers with their own policy, Island, North Carolina Farm Bureau, Mapfre, Erie and Auto-Owners are among the national companies with the cheapest car insurance rates.
For this reason, Bankrate analyzed the top auto insurance companies to help parents and guardians find the best car insurance for 16-year-olds. The most important way to save money on car insurance at age 16 is to have you added to your parents' insurance policy instead of buying your own policy. The cost of insurance for a 16-year-old driver depends on the state in which they live, the type of car insured, coverage limits, and other factors. As a result, insurance companies charge teen drivers more, as they are more likely to cost the insurance company money.
You can also customize your car insurance with elective coverage options, such as roadside assistance, breach coverage, and accident forgiveness. Because everyone is looking for different features included in their car insurance policy, no one company is best for everyone. Next, you'll see the average cost of car insurance in each state for a 16-year-old woman and how it compares to the price of a policy for parents with the added child. The table below shows the average insurance costs for a 16-year-old woman and a 16-year-old man, broken down by state, compared to the cost of insurance if added to their parents' policy.
If the car loan still needs to be repaid, the lender usually requires collision, comprehensive, and liability insurance with full coverage. The cost of car insurance for a 16-year-old driver will vary depending on many factors, such as whether the teen is included in your policy, what state you live in, the type of car they drive, and coverage limits.