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0 225 minutes ago
Her s a way for college students to save on car insurance
Keep the student on the parents’ policy
All things being equal, adding a college-bound student to their parents’ policy (or keeping them on it, if they’ve already been driving in high school) should result in lower auto insurance costs for the family as a whole, especially if all family members have a good driving record. The caveat is that it may also expose the family to greater financial risk should the student receive traffic violations or be involved in a serious accident
The cost savings arise from the likelihood that the parents have better track record with both lenders and insurance companies. The former should result in a higher insurance-based credit score, which is one of the factors used to determine premiums. Parents typically have an established credit file and are likely eligible for a better tier of rating (especially if they have higher limits of liability). The combined family insurance policy also promises access to multi-car discounts
The flip side, however, is that a college student who’s on the family policy could raise rates for the parents in the event they run into trouble at the wheel. A key risk here is of “rate hikes due to points accumulated by your college child’s accidents or moving violations. There’s also so-called “liability exposure” in the event the young driver is involved in a serious accident. With a separate policy for the student, the parents’ “deeper pockets” will not be accessible and any litigious action will be limited to the college student’s policy
Obviously, then, it’s wise to explore pricing for both a separate policy for your college-bound child and for adding them to (or retaining them on) the family policy, and to consider both premium costs and your comfort with added liability.
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