Teenage Car Insurance Cost

I was sitting down yesterday when my insurance agent let me know the cost of insuring my daughter who will get her driver’s license next month.

My annual premium will go up 155% for the first year, and that is using the strategy of assigning her to an older car that doesn’t have collision.  

I understand that if we survive the first year, the second year will see a 15 to 20% reduction in rates.  These “new driver rates” last the first three years of licensing.  So it won’t do me any good to hold off my daughter from getting her license, it’s a pay me now or pay me latter situation….Unless……if I hold off until she’s 21 and out paying for things herself…..mmmm….just kidding.

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