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Back to School Means It Is Time for Parents to Address Auto Insurance with Their Kids

Every parent hates to see their child leave their home and go out into the big world and work or attend college classes and live on campus. When your child goes off to school, he or she might need to take a vehicle with them so they will need to have auto insurance coverage. The age bracket of 18 to 25 is a tough one to insure because drivers in the bracket are inexperienced and do not have long enough credit histories or driving record to examine so they face higher insurance premiums.

Parents need to plan in advance to help their child do the right thing financially so that they can stay insured while they are away from home. One option for parents is to insure the vehicle that their child will be driving while they are at school. It is important to understand that this can be risky because if the child becomes involved in an automobile accident you will face higher insurance premiums.

If you decide to do this then you want to make sure that you find an auto insurance company that gives good grade discounts. Make sure that the child have a certificate saying that they have completed driver’s education classes and maintain at least a 3.0 grade point average to get the discount. Shop around for several months before the child leaves your home so that you can save as much money as possible. The vehicle that has been insured should be one that has many safety features and good crash test ratings so that it is a less risky vehicle to insure. Insurance premiums are pricey which is why many parents who take this risk end up requiring their children to pay for the insurance premiums themselves. It is also beneficial to make sure that the child reports any accidents and speeding tickets to you so that you know that this has happened because it will impact your premium rates when the policy comes up for renewal. Insuring your children can be tough but it is important to strategize the transaction in advance so that all of your bases are covered.


SF Gate