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Survey: Parents curb spending for teen cars

Posted On Thu, September 22, 2011

A recent survey from Allstate found that many of Americans have had to cut down on spending for their teenager's vehicles.

Six out of 10 parents who have a child with a driver's license, as well as 46 percent of all parents, blame the economic downturn on a lack of spending or saving for their kid's driving expenses, whether that is for a car, or another cost. More than 70 percent of consumers who earn less than $30,000 annually are spending and saving less when it comes to a child's auto expenses. For households pulling in $75,000 or more, more than 30 percent of these people say the same.

However, 75 percent of parents with a child who has a license say that child has their own vehicle. Nearly 10 percent of these people noted that multiple children share one vehicle.

It may be a good idea for these parents to examine multiple auto insurance quotes before deciding on what one to obtain, as this could ensure costs are as low as possible.

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