3 Things to Consider Before Adding Your Child to Your Auto Insurance Policy
Your child has just come back from college or university and would like to be able to drive your car around town. To protect yourself in the event that your child gets into an accident while driving your car, you should add your child to your insurance policy. This is easier said than done, as some insurance companies will charge you an arm and a leg if you are interested in extending coverage to your children. At times, purchasing temporary insurance plans might be a better option. This article will look at the three things you need to consider before adding your child to your auto insurance policy.
Their Age and Age Policies of the Insurance Company
Before you even consider adding your child to your auto insurance plan, one of the first things that you need to do is to familiarize yourself with the age policies enforced by the insurance company. Each insurance company will have their own unique policies. Some insurance companies will only extend a certain amount or type of coverage to clients below a certain age. Some insurance companies automatically charge a higher rate if someone under a certain age is added to the policy.
Their Driving History and Record
Whether you can expect to pay a higher premium or not will largely depend on your child's driving history and record as well. If your child has a lot of experience on the road and has not gotten into any accidents in the past, you can expect your insurance premiums to not increase by much. On the other hand, if your child has numerous traffic violations under their name and have already gotten into several accidents, you can expect your auto insurance premium to skyrocket if you add your child to the policy.
The Added Cost to the Premium Versus Amount of Driving They Can and Will Do
After getting a quote from your existing auto insurance company, shop around to see whether you can get better deals elsewhere. Compare the added cost to the premium to the amount of driving that your child will and can do. If your child frequently visits home and will need to drive your car often, adding them to your auto insurance policy might be more worth it than purchasing a temporary auto insurance policy.
If you're considering the option of adding your child to your auto insurance policy, but are not sure if it's a good idea or not, speak to a representative from a company like Mascott Insurance Services LLC. They can help you work out the specifics to determine whether it's better for you to add your child onto your auto insurance plan or just purchase temporary insurance for them.
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