Young Driver Insurance Penalty
462% age penalty
Auto insurance for 16-19 year olds averages $3,550+ annually while 35+ drivers pay $768 for identical coverage. Young drivers pay nearly 5x more.
The real cost
$14,000-$28,000 over first decade of driving
How to not get wrecked
- 1Stay on family policies as long as possible
- 2Complete driver training for discounts
- 3Choose vehicles with lower classifications
- 4Consider usage-based insurance
Related money drains
#30
Car Ownership Total Cost Deception
$1,370-$1,623/month actual cost
A "$400 car payment" often means $1,600/month once you add insurance, gas, and maintenance.
#32
Provincial Insurance Oligopoly
152% difference between provinces
Car insurance varies 152% by province. Alberta vs Saskatchewan can mean $2,000+/year.
#33
Gas Price Regional Exploitation
$0.56/litre difference BC vs Alberta
BC pays $0.56/litre more than Alberta for gas. That's $1,000+/year for the same fuel.
Track your spending and plug these drains with Prosperi.