A study released by the American Auto Association (AAA) estimates that crashes involving drivers 15-17 years of age accounted for over $34 billion in 2006 alone.
The study stated that these teen drivers were involved in nearly a million crashes in 2006, injuring 406,427 people and killing 2,541. Fatality costs were estimated to cost $3.841 million in lost wages, lawsuits, emergency response crew wages, and medical expenses while injury accidents post an average of $50,512 per incident.
Washington State requires liability limits of at least $25,000/$50,000 for bodily injury and $10,000 for property damage. If you cause an accident that exceeds these limits you must pay the difference out of pocket.
With a newly licensed teen driver, we strongly suggest raising your limits...and maybe consider an umbrella policy which provides extra coverage to your home and auto in a single limit of insurance; usually $1 million or $2 million is common but some companies offer a limit of $5 million or more. Check back next week for more information on umbrella policies!
Thank you to ohmygov.com
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