Maybe you, an average teenager, don’t have the time to do the math, so you might want to consider what the Department of Agriculture found in 2017. You might want to sit down for this – especially if you’re 17 or older. The average cost of raising a child from birth to 17 was $233,610. That’s if you’re an only child. If you have one sibling, the number crunchers say it costs your parents $284,750 to raise the two of you. That’s because costs like clothing, especially in your infant and toddler years, might have been handed down since you grew too fast to wear them out. And housing costs essentially remained the same whether you were a family of three, four, or ten. As for transportation to school, either one of your parents drove you, you carpooled, or you took the school bus.
Taking Matters into Your Own Hands
Speaking of transportation, now that you have your driver’s license, you may be thinking about getting your own car. You have an after-school job with just that in mind. But there is one obstacle in the road – insurance! Whether you’re male or female, the odds seem stacked against you. Why you’re asking does insurance cost so much for your age group?
The answer lies in the statistics. Sad to say, the figures tell a startling truth. No matter how careful a new driver is, they’re lumped together as a group. Since they lack the experience to deal with hazardous factors like icy roads or reckless drivers who make unexpected left turns or sudden stops, they’re more likely to be involved in an accident. The more miles a new driver gets under his belt, no matter what his age, the less the odds that he’ll be involved in an accident. As for you, it’s a long road from now to when you’ll be 25 when lower insurance rates will be yours.
So now you’re wondering, is it cheaper to be on your parents’ car insurance policy? The question is cheaper for whom? Yes, it will be cheaper for you since they’ll be footing the bill. But since the addition of your name to the policy will add a substantial sum to their insurance bill – more expensive for them.
Ways You Can Help
Still, although it may be impossible for you to contribute directly, there are a few steps you can take to lower what it will cost your parents. If you didn’t get your license through your school’s driver’s education program, you can take a defensive driving course. Virtually all insurers issue a discount upon completion.
And if you aren’t already keeping your grades up, this is the time to put your nose to the grindstone since many insurance companies consider maintaining a grade point of average of 3.0 or higher a sign of dedication and responsibility and issue what is called a good student discount. Needless to say, keep your driving record clean. Traffic violations will result in your parents paying even higher rates.
And chin up – as your parents will tell you, you’ll be 25 in the blink of an eye and your rates will go down. Blink twice, and you’ll have a family of your own. But at least now you’ll know how much it will cost to raise them.
