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Auto insurance companies consider them to be a higher risk than those living on their own.
Millennial motorists who still live at home with their parents pay higher car insurance rates than their counterparts who don’t, say the results of a new study.
Millennials who own houses or condos tend to pay notably less for their auto insurance coverage.
The higher car insurance premiums study was conducted by Compare.com. It determined that millennials who live with their parents pay considerably higher car insurance premiums than their home owning counterparts. In fact, the research showed that the average millennial driver still living with parents pays 73 percent more than a millennial who lives in a condo and 45 percent more than a millennial who owns a single-family home, said a .
The average[leadin: 2 urCount: 2 urMax: 0] living with parents was $1,750. The average annual car insurance premium for those in condos was $1,009 and the average for those who own a house was $1,205.
Several factors leading to the higher car insurance premiums contributed to the home ownership differential.
Compare.com CEO, Andrew Rose, confirmed that the price differentials weren’t exclusively traced back to the driver’s living situation. However, Rose pointed out that a person’s profile when living in a condo or when owning a house tended to align with other factors that led to cheaper . For example, those owning condos and houses tended to have higher insurance scores, a longer insured track record and more experience behind the wheel.
CarInsurance.com consumer analyst Penny Gusner also pointed out that when millennials live with their parents, they may not receive a homeowners discount or be able to bundle their home and auto insurance for combined discounts.
“A driver living with his or her parents may not have a healthy credit history built up yet, while those who own a home in most cases would,” added Gusner. “People with fair or poor auto insurance costRemove term: auto insurance rates auto insurance ratesRemove term: high auto insurance rates high auto insurance rates Choose from the most used tags Toggle panel: Featured Image Set featured image Toggle panel: Yoast SEO Need help? Go Premium Content optimization Good SEO score Social Advanced Add-ons Snippet Preview SEO title preview: Millennials pay higher car insurance rates when they live with their parents Url preview:www.liveinsurancenews.com › millennials-pay-higher-car-insurance-rates-when-they-live-with-their-parents Meta description preview: Millennial motorists who still live at home with their parents pay higher car insurance rates than their counterparts who don’t, say the results of a new Mobile previewDesktop previewEdit snippet SEO title Insert snippet variable Millennials pay higher car insurance rates when they live with their parents Slug millennials-pay-higher-car-insurance-rates-when-they-live-with-their-parents Meta description Insert snippet variable Millennial motorists who still live at home with their parents pay higher car insurance rates than their counterparts who don’t, say the results of a new Close snippet editor Readability analysis Needs improvement Focus keyphrase Good Higher car insurance Focus keyphraseHelp on choosing the perfect focus keyphrase(Opens in a new browser tab) Higher car insurance + Add synonyms + Add related keyphrase Did you know Yoast SEO Premium also analyzes the different word forms of your keyphrase, like plurals and past tenses? Go Premium!(Opens in a new browser tab) Analysis results Problems (1) Image alt attributes: No images appear on this page. Add some! Improvements (4) Outbound links: All outbound links on this page are nofollowed. Add some normal links. Keyphrase in title: The exact match of the keyphrase appears in the SEO title, but not at the beginning. Try to move it to the beginning. Slug too long: the slug for this page is a bit long. Shorten it! Slug stopwords: The slug for this page contains stop words. Remove them! Good results (11) Internal links: You have enough internal links. Good job! Keyphrase in introduction: Well done! Keyphrase length: Good job! Keyphrase density: 1.6%. This is great! Keyphrase in meta description: Keyphrase or synonym appear in the meta description. Well done! Meta description length: Well done! Previously used keyphrase: You’ve not used this keyphrase before, very good. Keyphrase in subheading: Your subheading reflects the topic of your copy. Good job! Text length: The text contains 365 words. Good job! SEO title width: Good job! Keyphrase in slug: Great work! Add related keyphrase Cornerstone content Toggle panel: Excerpt Excerpt Excerpts are optional hand-crafted summaries of your content that can be used in your theme. Learn more about manual excerpts. Toggle panel: Send Trackbacks Toggle panel: Custom Fields Add New Custom Field: Name Value Enter new Custom fields can be used to add extra metadata to a post that you can use in your theme. Toggle panel: Discussion Allow comments Allow trackbacks and pingbacks on this page Toggle panel: Slug Toggle panel: Author Author Toggle panel: Ad Inserter Individual Exceptions No individual exceptions enabled for posts. Default insertion for posts for each code block can be configured on Ad Inserter Settings page – selection next to Posts / Static pages checkbox. Default value is blank and means no individual exceptions (even if previously defined here). Set to Individually disabled or Individually enabled to enable individual exception settings on this page. For more information check Ad Inserter Exceptions. Toggle panel: Header and Footer Disable top injection Disable bottom injection Thank you for creating with WordPress. Version 4.9.8 Term added. 1 result found. Use up and down arrow keys to navigate. Close media panel Featured Image Filter by typeFilter by dateSearch Media Search media items… ATTACHMENT DETAILS Higher-car-insurance-Young-Driver.jpg November 25, 2018 59 KB 860 × 488 Edit Image Delete Permanently URL http://www.liveinsurancenews.com/wp-content/uploads/2018/11/Higher-car-insurance-Young-Driver.jpg Title Higher car insurance – Young Driver Caption Alt Text Description Smush 5 images reduced by 120.9 KB ( 49.5% ) Image Size: 59.0 KB View Stats Set featured image” width=”300″ height=”170″ />credit typically pay more for insurance, because though controversial, insurers deem them as higher risk,” she said. Therefore, millennials living with parents pay higher car insurance rates because they have not yet built the healthy credit history enjoyed by homeowners.
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