So your teen is ready to drive. Are you ready for a hefty insurance bill?

on money

A Young Drivers of Canada student practices with an instructor in May. Young people aren’t cheap to insure even as occasional drivers, and costs have risen over the past decade.

When new parents contemplate the cost of raising children, they typically consider daycare, extracurricular activities, clothes, birthday parties – the list is endless, really.

But as children move through their teens, and parents envision an end to braces and March Break getaways, one mighty expense looms large: car insurance.

Young people aren’t cheap to insure even as occasional drivers, and the cost has risen significantly over the past decade.

Typically, sons cost more than daughters. The price can vary widely depending on all sorts of factors, but in our case we’re looking at an insurance hike