Until Jan 23rd 2014, most families would have hoped that their children would become the next Justin Bieber. However, after yesterday’s arrest for drunk driving & DUI charges, families would now think twice about that wish. Apart from the potential negative role model that Bieber could be for children, families need to specifically coach children on the economic consequences of a Bieber like action i.e. getting a DUI could do to a family’s finances.
Our team released a very relevant report on the financial impact of a DUI on a teenager’s insurance. The cost of “pulling a Bieber” & getting a DUI could increase your family’s insurance costs by more than $1500/year! To put that in context, those costs could be more than 50% of a parent’s insurance costs. Over the course of the next 10 years, that cost could add much more than $15,000. In addition, to the costs of increase for the teenager’s car, the overall rates for the family could also increase if the teenager happens to be a secondary driver on a car.
The costs for male teenager insurance is much more than a female teenager because of the way an insurance company assesses the risk of a male vs female teenager having an accident.These costs would also increase based on your make & model of your car, where you live & the coverage you choose.
These costs do not include legal fees, towing, transportation, court fees, classes & other major & minor costs that come with a DUI. This is in addition to the trauma of your license being potentially suspended, a parent taking time off from their job to ferry their child to various activities. So, the next time, your child talks about being the next Bieber, make sure you communicate the full economic cost of being one to the family!