Insurance is a cost that many people forget to factor into their financial planning and budgeting processes. Most Americans will at some point in their lives pay for health/medical, home, life, and auto insurance. And those costs aren’t fixed. They change depending on what happens to you, where you live, etc.
A recent article in the New York Times highlights one significant increase to your insurance costs, which comes when you add your kids to your auto policy. Teenage drivers are “risky”, and auto insurance premiums are likely to increase as much as 125% when they’re added to your existing policy, depending on what state you live in.
For the full story, click here.