When it comes to finding the best car insurance for teen and young drivers, there are several key factors to consider. At Forbes Advisor, we have carefully evaluated and ranked the top car insurance companies based on specific measurements to help you make an informed decision.
Auto insurance rates make up 50% of our scoring criteria. We analyzed data from Quadrant Information Services to determine the average rates for adding a teen driver aged 16 to 19 to a parent’s policy, as well as rates for young drivers aged 16 to 21 on their own policies. Our calculations were based on a Toyota RAV4 and coverage levels of $100,000 for injuries to one person, $300,000 for injuries per accident, $100,000 of property damage (100/300/100), uninsured motorist coverage of 100/300, and collision and comprehensive insurance with a $500 deductible.
Complaints against insurance companies can be a significant factor in determining their reliability. Therefore, we considered complaint data from the National Association of Insurance Commissioners. Companies with a complaint ratio below 1.00 were given higher scores, indicating lower levels of complaints. Most complaints in the auto insurance industry revolve around claims, including unsatisfactory settlements, delays, and denials.
Accident forgiveness is a valuable feature to have, especially when you have a teen driver on your policy. Car insurance companies that offer accident forgiveness programs received points in our scoring system. This feature can help protect your rates from increasing after an at-fault accident.
New car replacement coverage is another important consideration for teen and young drivers. In the event of a total loss, having this coverage can help you replace your vehicle with a brand-new one. Companies that offer new car replacement coverage were rewarded in our rankings.
The quality of collision repair services is crucial when filing a claim after an accident. To assess this aspect, we incorporated collision repair grades from over 1,100 collision repair professionals. The data provided by CRASH Network’s Insurer Report Card helped us gauge auto insurers on the quality of their collision claims processes.
In conclusion, finding the best car insurance for teen and young drivers requires careful consideration of various factors. By evaluating auto insurance rates, complaints, accident forgiveness, new car replacement coverage, and collision repair scores, you can make an informed decision when selecting a car insurance company. For more information on how Forbes Advisor rates car insurance companies, visit our website.
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