[Stacey]

Those on the choose FI journey with teen drivers. How on earth do you afford your teens auto insurance? I have a 20 yr old and also 16 year old. 20 year old is in college but coming home for summer.

He has his driver’s license but hasnt driven since his senior year in highschool as just couldnt justify paying the insurance of 300 a month.

He lives on campus so he doesnt need to drive and he is in state so we pick him up or he grabs a ride with friends. Now.. his sister is almost driving age.

We have a used vehicle for them to share, but the cost of insurance is insane. My son works, but he uses that money to pay down a little student loan he carries as we pay for 85% of school for him.

My daughter is very involved with school activities so she does not work.

I want and need my kids to be independent but goodness, 300 a month is a lot to add to our budget.

[Lauren]

Wow, where do you live? Maybe that’s a factor. My 20-year old daughter drives a 2023 Chevy Trailblazer and her insurance is $765/year with full coverage.

She’s a college student. We are in VA, she’s in school in MI which has some wonky insurance requirements so we had quotes all over the map up to $5k per year.

I called over 8 agencies to make sure about the MI insurance thing.

Found Auto Owners and Cincinnati coverage both for reasonable amounts per year.

[Megan]

I’m surprised your son doesn’t have to be covered under your insurance.
In our state, as soon as the kids were licensed we had to cover them.

So, we put off licensing for that reason.

[Damon]

I agree- insurance is expensive. But we all pick and choose our battles, is the value of your child driving herself to activities worth the cost of insurance?

One strategy is to get a clunker with liability only and put them on their own policy.

[Desmond]

This is part of the reason why I got a motorcycle while in college. My liability insurance was $33 USD a month for a 2007 Honda CBR 600rr.

Full coverage would’ve been $110, but that was too much for me only making $915 a month as a student worker.

Look into getting a motorcycle! I met so many amazing people in the motorcycle community over those years and created tons of unforgettable memories

[Katherine]

Progressive. Two teen drivers 20 and 18 (boy) three cars, 289 s month. We have high coverage.

We also run an umbrella policy through them. State of Virginia.

[Nora]

It also depends where you live. In Houston our insurance goes up every year.

We have insane drivers here.

[Jeff]

Son is 19. Drives a 25 year old truck. Liability only. Daughter is 17. Drives a 2005 Honda Civic.

Really nice car. Hers is still $120/month, but ill be dropping full coverage soon as we just wanted to keep it for a year after she got her license to see how she did.

You’re right though… The cost is out of this world for a newer car with full coverage

[Author]

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