WalletHub, Financial Company
@WalletHub
Car insurance for a 16-year-old costs $3,343 per year, on average, or $278 per month. Sixteen-year-old drivers pay more for car insurance than older, more experienced drivers because insurers consider them to be high-risk, meaning they’re more likely to file a claim.
Because the cost of coverage for 16-year-olds is so high, it's important to shop around for multiple quotes before buying a policy. Some of the best car insurance companies for 16-year-old drivers are Travelers, USAA and Progressive. Comparing quotes is more important in some states than others, though, considering the average cost.
Cost of Car Insurance for a 16-Year-Old by State
State |
Cost |
$2,845 |
|
$3,892 |
|
$3,390 |
|
$7,305 |
|
$2,093 |
|
$3,626 |
|
$2,113 |
|
$4,924 |
|
$1,608 |
|
$6,508 |
The exact cost of car insurance for a 16-year-old depends on a few factors, including their driving record, gender, and vehicle type. Additionally, whether a 16-year-old is buying their own policy or being added to their parents’ policy makes a difference.
Adding a 16-year-old to an existing policy will raise the premium by an average of 140% to 160%. But even with the added cost, it’s still a more cost-effective option than having the driver purchase their own policy.
To learn more, check out WalletHub’s guide to the best car insurance for teens and young drivers.
People also ask
Did we answer your question?