Insurance tips for teen?

Do what my parents did. Tell me I have to pay for my own insurance lol. Didn't get my license until 19 and just pitched on gas for my friend's who drove me everywhere.

That or get him a suped up ebike.

 

Put children on their own policy and title the vehicle to them. You don't want to loose your home over an accident by a new driver. Just what my attorney told me.

 

This would only work IF you have the vehicles paid off, if it is a new car and it's on a payment plan, good luck with that. Most banks/lender require a full coverage insurance, and some even mandate a certain amount, nothing lower.
However, yes, if it is a 3-5 year old used car with a good price point and you are able to pay it off with no payment left, then just do liability only to save money.
But the fact of being a new driver is still going to sting, just much less....

 

I had my son listed as a secondary driver on one of our vehicles. Saved quite a bit of money that way. Then I had my insurance tell me that anyone that drives my cars is covered. It's the car that is insured, not the driver. So I didn't add my daughter to the policy when she turned 16. That saved me a lot of money too. She's just "borrowing" one of my cars anyway. I own it.

 

This works if the person borrowing the car doesn't drive it on a regular basis. At least according to my insurance, anyone that drives the car on a regular/consistent basis needs to be on the plan. Just what they told me.

 

I may be wrong, but if said child resides under the same roof, parents can still lose everything.

 

I guess I was going by memory, but my kids are 35 and 37 years old now. Must have been when they turned 18, that I got their own insurance and titled the cars in their name only. Never effected me, but I slept better.

 

excellent writing style.

informative, concise.

good use of bullet points.

Kudos.

1525 internet points.

 

yup...and a $1mm umbrella policy is relatively cheap.

and necessary.

 

The great Nation of Texas does not allow this.

Lord knows I tried.

 

Nah, man, this is all good information - #1 particularly. I'll start looking into courses and GPS monitoring. And yeah, there's no WAY our son is going to be on all of our vehicles. LOL

Wife and I did get into a discussion and think that we plan on just liability only because to be honest, we'll likely buy like a $2K - $3K Civic or something for him.

 

Let us know how the search for a $2k Civic goes

 

Oh there are tons of anywhere from $2K to $5K Civics, Corollas, etc. around here where I live.

 

I definitely will!

 

A $2K Civic up here is one love tap away from the crusher.

 

you might want to confirm you can assign drivers to cars. TX does not allow it.

all insured drivers are on all insured cars.

the wife's ride is a Tesla MX Plaid. <ouch>

 

We put our kids on all vehicles. Unless you can Dx & wrench on the $2k civic on your own, and quickly - there's a good chance your kids will need to drive one of your vehicles while it's getting repaired.

 

We can - I checked with our insurance agent.

 

Well, if that's the case, then I'll call and have him temporarily assigned to a vehicle when/if it's needed.

 

Love this. I also drew up a contract with both of my kids that they had to sign that listed all of the responsibilities and facts about the privilege of driving and how it can be revoked at any time.

 

Nice. This puts you on their list for birthday and holiday cards from now on.............................at a slight extra charge.