New Study Shows Interesting Results Regarding Insurance Rates for Teen Drivers in Georgia

July 22, 2014

A new study suggests that auto insurance rates for teenagers can greatly differ.

That means that insurance rates between sixteen year olds and nineteen year olds can differ by quite a bit.

Another well known fact was addressed in the study, and that is that a male teen being added to a policy costs a lot more than when a female is added to a policy in Georgia.

In fact, the study showed that it costs 102 percent more to add a male, compared to 74% to add a female.

Laura Adams, a Senior Insurance Analyst for Insurance, explains why that is.

“Looking at the data, we know that male teenage drivers are getting into more accidents and filing claims than females, and with insurance companies it is all about the statistics”, explained Adams.

She says insurance companies are watching driver profiles to make sure they are charging higher rates for risky drivers, which statistically are males.

However, she says there are some ways parents can lessen the insurance blow.

“If parents can make sure teenagers have some sort of driver education. Maybe take a class through high school, and even go online to take a course”, said Adams. “Sometimes if they can prove the successful completion of a class, that could sometimes qualify you for a discount.”

Another finding in the study showed that the state of Georgia had a higher average premium costs compared to the national average.

Adams says that probably stems from an increased amount of claims, based on different factors in the state.

“A big part of what Georgians are seeing has to do with the laws in the state, and what is going on there with claims”, she says. “So maybe there has been a recent history of storms or types of instances that cause claims to be made on vehicles. Sometimes that local information can also affect rates.”

Overall, the average increase in Georgia is about an 88 percent hike in premium costs, while nationally the overall bump in premium costs is 79 percent.