Getting a car or car insurance are both expensive propositions. But, it can be more expensive for student drivers below the age of 25, and with good reason. If you have the money to spare, you can get a policy of your own. However, in cases where you are unable to afford insurance of your own, it is ideal to stay on your parents’ policy as long as you can. Read further to know more about car insurance policy premiums for student drivers.
For How Long Can Student Drivers Stay on their Parents’ Policies?
Your parents are always happy to let you stay in their house as long as you need. Similarly, there is no age limit when it comes to staying on your parents’ car insurance policies too. Though the same rules might not apply for health insurance, you can make the best of it with car insurance. As long as you live under the same roof as your parents or are dependent on your parents, you can stay on their policy. This is because of the fact that living under the same roof leads to the assumption that you drive the same car as your parents, despite how frequently or rarely you use the car.
However, once you move out of your parents’ house or are no longer a dependent member of your parents, you will be required to get your own car insurance policy. You can also get car insurance, while still staying at your parents’ house. But, you will have to approach a different insurer, for no insurer will provide two policies for the same residential address. After you get a policy of your own, exclude yourself from your parents’ place and try not to use your parents’ car to avoid claim rejections.
Is it cheaper to stay on your parents’ plan?
Yes, the premiums for student drivers are significantly higher until they are of 25 years old and it decreases with age. As far as insurers are concerned, driving experience comes with age. So, the older you get, the lesser the risk and lower the premium. So, unless your parents have a bad driving record, it is ideal to stay on your parents’ policy. That way, you can also avail a discount with multiple drivers under a policy. So, stay on your parent’s car insurance policy as long as possible and save some money while you still can.