In Ohio, when young motorists are added to a parents’ policy, it can cause premiums to spike sharply.
The results of a new study from InsuranceQuotes.com has revealed that when teens in Ohio are added to the auto insurance policies of their parents, they are sending premiums up by a massive 84 percent.
This means that one teen driver on a policy nearly doubles the insurance premiums that are paid.
The explanation that has been offered for these far higher auto insurance premiums is that, statistically speaking, teens are notably riskier drivers than those who are older. Moreover, it is important to note that insurance regulations are different from one state to the next. Therefore, while a teen driver may cause a parent’s rates to skyrocket in one state (such as Ohio), the difference may be more moderate in other parts of the country, depending on the regulations in a given location.
The drivers that add the largest amount to a parent’s auto insurance policy are those that are 16 years old.
Sixteen year old drivers have been determined to be the most expensive to add to a parent’s policy. That said, age isn’t the only factor that is considered when calculating premiums. Gender also affects premiums in some states, including Ohio. This occurs even among older teens. That said, it is important to point out that while this does make Ohio sound as though it is some kind of exception, in truth, the study results showed that the state’s rates are “right in line” with the average across the country.
_________________________Random Success Quotes to Remember ~ "Take up one idea. Make that one idea your life -- think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body be full of that idea, and just leave every other idea alone. This is the way to success." -- Swami Vivekananda
Male teen drivers make their parents pay a lot more in car insurance premiums than females. According to the report on the study, a female driver who is 18 years old will, on average, increase premiums on a parent’s auto policy by 67 percent. Comparatively, male drivers at the same age cause a 91 percent increase in premiums.
The justification is that males are seen as drivers who are more risky and aggressive on the road when compared to females. While it may seem like a good idea to buy a teen a separate auto insurance plan to avoid the high rates, instead of adding to a parents’ plan, in Ohio, that strategy will cost an additional 32 percent.