If your parents are complaining about the cost of adding you to their car insurance, they do have something to complain about. Insuring teens can raise their rates by 44 to 62 percent according to new study.
Unfortunately, teen drivers are involved in significantly more accidents than adults, so they cost much more to insure. And yes, many companies will charge more to insure a son than a daughter because insurance companies have data that indicates male teen drivers are more risky drivers. This however, is changing. Females teen have become a riskier drivers because of cell phone use while driving.
Share this article from CBS Money Watch with your parents. It provides advice on how they can reduce their insurance costs. Maybe they will share some of the savings with you.
Click below to read the full article.the original article from CBS Money Watch, written by Ray Martin