For many teenagers, a driver’s license represents freedom and greater independence. For parents, a newly licensed teenage driver can cause not only significant anxiety, but also a shocking spike in car insurance costs.
I almost fell to the floor when I opened the first car insurance account after adding my 16-year-old daughter to my policy. It was literally twice 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. That’s right, he said. Add a teenager to your policy and your premium will jump.