Should my Son Get His Own Car Insurance?

 

February 5 2009 by author in Young Driver Insurance |Comments Off

Reader’s Question:

Is it okay if I get my teenage son his own car insurance policy? My friends keep telling that it’s not practical to buy a young driver car insurance policy. Is this true?

Aurora

Oklahoma City, OK

Buying a young driver car insurance is only impractical if the intended owner of the policy is still living with you (in your case, it’s your son). You will find that most car insurance companies will advise to include your son to your policy rather than get him his own. The reason behind this is the high rate that is often tied with young drivers, specifically the male ones. Statistics show that male young drivers rank first the list of drivers that register the highest number of accidents and violations in the United States. It is because of this statistics that car insurance companies become wary of young drivers due to their expected high chance of getting into an accident. Car insurance companies are concerned about policy rates and risk levels because they do not wish to pay for damages that are more than what the policy owner actually paid for. Therefore, they make sure that a high-risk driver also gets a high rate, so that all the expected accidents and damages are covered.

If your teenage son plans to move out of your house and go independent, then it is best if he gets his own car insurance (as long as he is a registered driver). Household members who moved out for good can no longer be covered by the policy owner’s insurance. That’s why whenever this happens, car insurance agents suggest that you inform them about it, so that they re-adjust your policy rate and overage.

 

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