According to the article "Premium Opportunities" by Aleksandra Todorova on the Wall Street Journal's website, car insurance rates possibly double or more when a teenager is added onto their parents' policy. When the teen heads to college they can expect some relief.
Many companies offer "good student" discounts. As an example, State Farm car insurance quotes can be cheaper if the student has good grades. Depending on the student's gender and whether or not they are an occasional driver will impact how much of a discount. It can range from 9% to 35% off the premium.
State Farm Insurance's research shows that it can often be cheaper to keep a student on the parent's car insurance policy. For an example, in Indianapolis, it would cost about $400 more a year for a student to have their own policy.
Parents usually get a bigger savings for their sons who go off to college than daughters because rates for males are higher to begin with according to Robert Hunter, director of insurance at Consumer Federation of America.
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