Parents might find that the cost of insuring their newly licensed teenager is exorbitant; some families report annual premiums surpassing $20,000, reflecting the insurance industry’s high rates for young drivers.
Debbie Mukamal experienced a staggering increase in her auto insurance premium—rising from about $1,700 to over $5,000 upon her daughter's new driver's license, showcasing the complexities of insuring young drivers.
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