When you think of insuring a 16-year-old then the first thing that will come to your mind will be the overwhelming cost tied with it. Selecting the right car insurance policy is a must if you are looking to cut down the astronomical rates.
Certain behavior is related to males and due to that, the insurance policy rates are high for a 16-year-old boy when compared to a 16-year-old girl driver. So, if you are a male, falling in this age group then you probably have to pay a higher auto insurance premium than your girl counterpart.
Why do you have to pay more for car insurance for a 16 year old boy?
Insurance premiums are determined according to your driving habits and a 16-year-old boy tends to drive fast and reckless as compared to a girl of the same age. Stats show that the number of accidents initiated by males between the ages of 16 to 30 years is on the rise significantly.
Another factor that influences the rise of rates in car insurance for boys is the fact that they tend to drive more than girls and driving more means the chances of getting into an accident will be high. They love to take a risk and drive cars deemed as “Sports” vehicles which are driven at high speed. This can lead to an increase in the number of over-speeding tickets.
Due to these factors, the rates of car insurance for a teenage boy is on the higher side.
How much do you pay for car insurance for a 16 year old male?
What you pay for insurance will vary and it depends on things like your insurer, whether you are on your parent’s policy, the state you live in, type of car you are driving, and coverage limits, and many more factors.
The rates of car insurance for a 16 year old female are around $6,562 per year and on the other side boys of the same age pay $7,483 per year for their full coverage policy. As you can see the difference as boys have to pay $920 more than their female counterparts. As per data, when you add a teenage boy in the parent’s policy, the average insurance bill rose 129%, compared with 107% for teenage girls.
Your insurance rates will decrease once you reach 25 or above as you will be a more experienced driver and having a good driving record will help your cause.
How do you save on insurance premiums for teenage boys?
Car insurance rates for 16-years-old boys are very high, but there are some ways to bring the rate of the insurance down. What follows are some tricks you can use to bring the monthly premium down.
- Try to add them to a family member’s policy rather than buying their policy as it proves to be around 70% cheaper when added to a shared family policy.
- Research through the market and shop around before you decide on the policy as it will give the idea about the insurance market and which company offers you the best and cheap rates.
- There are various discounts available for teenage boys to avail and it can reduce the rates of insurance premiums and save your thousands of dollars on insurance.
- Buy a cheaper car to insure as costly cars are difficult to repair and the cost rises due to its rarity. Buying a budget-friendly first car will benefit you.
Still not satisfied? Need not worry; Alias Insurance can help you to clear all your queries and can help you to get the cheapest rates by comparing various quotes from insurance companies nearby you. The experienced experts will guide all through the insurance process.
