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According to Rate Retriever’s Auto Insurance Rates Quarterly Update, the cheapest way to get your teenager car insurance is to add them to your existing car insurance policy and share a car with them. By doing this, you can save up to 54% compared to the cost of getting them their own policy.
When your teenager passes their drivers test, you are left with several decisions to make. On top of worrying about their safety on the road, you also need to consider how you want to go about getting them car insurance.
One option for this is to get them set up with their own policy. One pro of doing this is that they will be better prepared to take over the policy themselves when they are required to get their own plan, like when they purchase a new car or move out of your home.
However, there are some drawbacks to this option, such as a more expensive price tag. Teen drivers typically have higher car insurance premiums because of the additional risk they bring to insurance companies. Since teenagers have a limited amount of driving experience, they are more likely to submit a claim, and insurance companies set their rates accordingly.
According to Rate Retriever’s report, the average annual premium for a teenager on their own policy is $7,401 a year.
While rates will look different for every driver, adding your teenager to your existing car insurance policy is typically the cheapest way to get them insured.
Rate Retriever’s report found that the average annual premium for a parent and a teenager on the same policy who also share a vehicle is $4,189. This is $3,212 less than the average yearly premium for a teenager on their own policy.
It is also important to consider the scheduling conflicts that exist between you and your teenager prior to making the choice to share a car. Â
Before deciding whether or not to share a car with your teenager, take our quick quiz to compare car insurance rates in your area and find the cheapest option for you and your family. Â
The decision of whether your teenager should have their own car is one only you can make, but we are still here to help you along the way. On top of insurance savings, sharing a car with your teen will also save you the cost of registration fees as well as any unforeseen repairs or maintenance that might be needed on an additional vehicle.
Even with all the financial benefits, there are also a few downsides to consider. One of the biggest negatives to sharing a car with your teenager is the possibility of the car breaking down or being involved in an accident that lands it in the repair shop, leaving both of you without reliable transportation. It is also important to consider the scheduling conflicts that exist between you and your teenager prior to making the choice to share a car. Â
Before deciding whether or not to share a car with your teenager, take our quick quiz to compare car insurance rates in your area and find the cheapest option for you and your family. Â
Car insurance companies determine how much they charge you based on your driver profile. Factors that can impact your rates include:Â
Read more about the factors that impact your car insurance rateÂ
Switching your car insurance is easy, even if you are in the middle of your current policy.
Here are some helpful tips to consider to switch your car insurance:
The answer to this question depends on where you live and what you would like to cover.
Each state has its own minimum requirements on the type and amount of insurance needed. When you’re trying to determine what and how much car insurance you need, you can start by reviewing your state’s requirements.
Find out what’s required in your stateÂ
Once you review your state’s minimum requirements, you may find that you want additional coverage. For example, sometimes owners of new cars want comprehensive coverage to insure their car from natural disasters and vandalism, even though comprehensive coverage isn’t required by their state. To figure out what insurance you want, you can review the different types of insurance to decide what makes the most sense for your situation. Â
The biggest difference between Rate Retriever and other comparison sites is that we are a free and impartial research tool NOT an insurance marketplace.​ This means you can’t purchase a policy directly through RateRetriever.com, but you can use our tool to independently research your options and seamlessly connect with the provider you choose.
Unlike other insurance comparison sites, we:
We like to think that Rate Retriever is your insurance companion, not just another insurance comparison site. Our values guide everything we do, which is why we strive to offer transparent, trustworthy insurance tools.
There are many ways you can try to get cheaper car insurance. The first is simply to get quotes from multiple providers. This will help you determine if you’re currently receiving the cheapest rates based on your needs and driver profile. Rate Retriever makes the comparison process easy.
Sometimes, the reason your car insurance is so expensive is due to your driver profile. For example, drivers under 20 years old usually pay more for insurance than more experienced drivers, and drivers with a recent at-fault accident or traffic violation typically pay more.
There are ways to lower the cost of your insurance such as taking a defensive driving course. Check with your provider to see if there are any discounts you qualify for or can reasonably earn.
Rate Retriever works with national and local insurance providers to provide our users with a seamless insurance shopping experience. We may earn a commission from our insurance provider partners when you click on a link, call, or purchase a policy from one of the providers listed on our site. That said, we’re committed to providing you with accurate, bias-free information, and we do not allow our partnerships to limit the results or influence the information we share with you. Â
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We do not sell your personal information, charge you for using our tools, or sell you insurance policies. Additionally, should you choose to purchase a policy from one of our partners, the price you pay will not be adversely affected.Â
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