- Location: Insurance rates can vary significantly from state to state and even from city to city. Some areas have higher rates of accidents, theft, and vandalism, which can lead to higher insurance premiums.
- Driving record: If the 17-year-old driver has a clean driving record with no accidents or violations, they may be eligible for lower insurance rates. However, any accidents, tickets, or other violations can increase the cost of insurance.
- Type of coverage: The level of insurance coverage you choose will also affect the cost. Liability insurance, which is the minimum required by law, typically provides the lowest rates. However, adding additional coverage, such as comprehensive and collision insurance, can increase the premium.
- Insurance company: Different insurance companies use different formulas to calculate rates, so it's important to shop around and compare quotes from multiple companies to find the best deal.
On average, the cost of insurance for a 17-year-old driver can range from around $2,000 to $5,000 per year, depending on the factors mentioned above. However, it's always best to get personalized quotes from insurance companies to determine the exact cost of insurance for a 17-year-old driving a BMW 128i.
