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Adding a novice driver to your auto insurance plan is bound to hike the price you pay – but in some U.S. cities, it can cost parents more money.
Two parents who add a 16-year-old to their full-coverage auto insurance policy in 2021 can see their premium increase by $2,531 annually on average, according to Bankrate. In terms of percentage, the most expensive metropolitan areas for adding a teen are San Francisco and Los Angeles.
San Francisco’s average annual cost for full-coverage insurance for married couples is $2,281. That figure climbs to $6,127 once a teen is added into the equation – a whopping 169% increase. These sky-high rates could be due to San Francisco’s cost of living, which is the second highest in the U.S., according to the Council for Community and Economic Research. San Francisco has also been deemed the 10th-worst city to drive in by USA Today.
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In Los Angeles, where living costs and traffic levels are similar to San Francisco, the annual average rate for a married couple jumps from $2,655 to $7,026 – a 165% increase – when a 16-year-old driver is added to their full-coverage auto insurance policy.
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San Diego, with a 161% hike, is the third-most expensive city for parents with teen drivers. The average annual car insurance rate jumps to $4,739 from $1,818 when a teen is added to their parent's policy. USA Today ranked San Diego the sixth-worst city to drive in, with reports of deteriorating and congested roadways.
Boston ranks as the No. 4 city on Bankrate's list. The average annual car insurance cost for a married couple rate in the Massachusetts capital is $1,599, which rises to $3,917 when a teen is added to the policy – a 145% increase. Bankrate ranked the city as eighth highest in terms of cost of living.
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Coming it at No. 5 is Phoenix, where parents pay an average of 138% more for car insurance when they add a teen to the policy. Prices increase to $4,406 annually from $1,849.
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The cheapest city on the list is Washington, D.C., with a 96% increase when parents add a teen to their car insurance. The average annual rate is $3,573.
Detroit (102%), Minneapolis (107%) and the Missouri cities of Kansas City (109%) and St. Louis (111%) are also among the least expensive cities for parents adding a teen to their car insurance.
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September 27, 2021 at 09:05PM
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Car insurance premiums: The most expensive cities for parents of teen drivers - Fox Business
"expensive" - Google News
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