New driver with accidents in NJ

[Peachew]

I live in NJ and my son turned 17 in Feb. and has already gotten into 3 accidents. All his fault, 2 because of snowy conditions coming home from school. He is on my insurance policy driving a car registered to me with him as the driver. Before my son came on board we had a perfect insurance score, no claims or tickets in the last 10 years so our rates were very low. Two of his accidents have been submitted to the insurance company already but the driver of the last one is willing to work this out without the insurance co. For about $4000.00, cash to him because he isn’t going to fix his car anyway. The estimate for the repair was under $3000.00.

Here is the question:
Since he already has 2 accidents our premiums are going to skyrocket, is another one going to make that much difference? Also, if he surrenders his license to the DMV, and we remove him as a driver, will our insurance go back to normal? What lasting effects will this have on his future insurance rates?

Any help would be appreciated, Thanks

 

[AutoXpert]

That's not fun. What kind of car was he driving? What about the car that other guy was driving? Just when you think premium cannot go any higher, Insurance company will come out with something. I would definitely settle the deal without involving the insurance company but it all depends on the type of cars involved.

Thanks!!

 

[Peachew]

My son drives a 1995 Pick-up with 160,000 miles that was in good shape when he first started driving it. Now it is a wreck. The other vehicle is a 2004 minivan with existing damage to both sides. like I said the other driver doesn't want to fix it he just wants the cash, he's been driving it for 3 months this way. I'm just really wondering if 3 reported accidents are much worse than 2. The other 2 accidents came to about $7000 combined. The way I look at it, the insurance co. is probably going to drop him or put him in high risk category anyway with the 2 so how much difference will 3 make?