When teens beg their parents to get a driver's license, few think about the financial toll it will take on their families. In fact, a study from Insurance.com reveals that "the cost of adding a teen to your auto insurance policy will increase your annual insurance premium by an average of 44 percent if you have one car in your household, 58 percent for a two-car household and 62 percent for a three-car household …"
This data means that, on average, a family of two parents and one teen driver pays $2,039 if they own one vehicle, $2,912 if they own two vehicles and $3,707 if they own three. Plus, the more teen drivers per family, the higher the insurance rates get.
Why is insurance so costly, especially for families own more than one car? The New York Times says it's "because drivers ages 15 to 19 tend to get into more accidents than older drivers and have little driving experience."
Source: U.S. News & World Report