For most young adults, counting on a car is a must. After all, with the whole COVID-19 pandemic going on, people should follow the safety guidelines of social distancing. And, what a better way to do that than by counting on your own car! However, can I add my car to my parents insurance?
How Does Auto Insurance Coverage Work ?
Every young adult knows that paying for insurance premiums can result in costly. This is because, at this age, insurance policies tend to be much more expensive compared to other age groups such as middle-aged and older adults.
Moreover, most young adults don’t even have much of a choice when it comes to choosing between liability insurance or a full coverage one. In most cases, they tend to opt for the first option since it’s the most affordable one.
However, as you may already know, liability insurance doesn’t grant you the complete protection you need. You’ll only be able to have coverage for property damage and bodily injury liabilities from car accidents.
That’s why most young adult and teen drivers tend to consider opting for their parent’s car insurance.
Nevertheless, is this the best option for you?
Today, we’ll answer some of the main terms, conditions, and concerns many young drivers, such as college students, may have when adding a car to their parent’s insurance.
Can I Add My Car to My Parents Insurance Policy?
First, can I add my car to my parents insurance? If you live at home with your parents and they are the owners of the vehicle, then you should have no problem adding the car you drive to their policy.
Generally speaking, most car insurance companies often ask if there are any family members with a driver’s license living with you. That way, they can list all potential drivers on their policy.
Is There an Age Limit for Car Insurance?
Unlike health insurance, auto insurance policies don’t count on an age limit. All you need to have is the same permanent address as your parents and shared ownership of the car with your parents.
Common Scenarios You can Add Your Car to Your Parent’s Insurance
Believe it or not, many people tend to go for having their car under the car insurance of their parents. That’s why we’ll go over the main scenarios in which someone might find themselves in this sort of instance.
Here are some common situations in which you can stay on your parent’s auto policy:
- Living with your parents and using their vehicle
- You’re a college student with your parent’s car.
- You have a joint ownership
When Is It Best to Get Your Own Insurance ?
Adding your car to the auto policy of your parent’s can many times be much more beneficial than counting on your own insurance. However, it might not be the best choice, or even a possible one, for many drivers.
There are two main instances in which it might be best for you to count on a separate policy:
- You are the sole owner of the car.
- You live in a place that’s far away from home.