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Millennials pay higher car insurance rates when they live with their parents


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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 Skip to main contentSkip to toolbar About WordPress Live Insurance News 00 comments awaiting moderation New SEOGood SEO score Clear Cache UpdraftPlus Howdy, Live Insurance News Log Out Help Screen Options Add New Post Like WP Subscribe plugin? You will LOVE WP Subscribe Pro!  Thanks for using WPtouch! If you'd like to sign up for news and updates from the team you can subscribe to our newsletter.  Dismiss this notice (permanently).Dismiss this notice. Enter title here Millennials pay higher car insurance rates when they live with their parents Permalink: http://www.liveinsurancenews.com/millennials-pay-…th-their-parents/ ‎Edit  Add MediaAdd Form Add HappyForms  Add a Poll, Survey, Quiz, Form, Slider or Story VisualText Paragraph    P Word count: 360 Draft saved at 8:23:49 pm. 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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? 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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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