by tigress » Wed Nov 25, 2009 04:57 pm
I have twin boys (18 yrs. old)who bought their own cars. I have carried them on my insurance almost 6 months. I am wondering if I should allow them to get their own insurance now or keep them under me? They work and go to college, and they can possibly afford the insurance, but then they will struggle with personal expenses that I have them already providing for themselves.
Posted: Wed Nov 25, 2009 08:04 pm Post Subject:
Hi tigress,
Personally I'd say yes - have them get their own cover - but that's just me. The only way you really learn is by doing it yourself. As long as they are covered by your policy they will not really understand the cost or importance of auto insurance.
If they can afford to have it, then yes they should get their own. If they are responsible enough (which they sound like) then they will start establishing their own good driving and insurance record - something they won't do while under your policy.
insuring young men can be costly but there is significant competition in the market, and you can get quotes quickly and easily online - it may be more affordable than you think for reasonable cover.
Get a few quotes and see what they come out with then compare and see who will give you the best deal. Once you've narrowed the competition down, call the best couple of insurers and ask a few questions to guage their service levels.
Personally i'd go for someone who provides a better service or seems more knowledgeable/professional than someone who is slightly cheaper.
Bottom line: Yes, i would have them get their own cover if it's feasible. They're going to have to in the end anyway, and you can support them in other ways if you want to because the financial burden is adding up.
Just my $0.02
Posted: Thu Nov 26, 2009 02:18 pm Post Subject:
I'll tell you what I did...when my kids got their first cars (BEATERS we got them at 16)...I paid their insurance but they had to pay me every month..I did this until they were out of the house and stable. if they missed a payment (to Mom and Dad) the car was parked until they paid it..this way I could sleep knowing they didn't 'run short' and not pay their premium..possible affecting the rest of their lives (financially) adversely should they get in an accident, and not have coverage. again this was my solution. and it worked out fine for us..(mostly for me..it would've worried me sick, wondering if they'd paid their ins. premium)
Add your comment