Car insurance for new teen driver (Raleigh: home, pros and cons, live in)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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My 18 year old son recently got his drivers license. Nationwide, our home and auto insurer, says he will be/can be added to our policy on February 26, but don’t know what the rate will be.
Just wondering regarding your experiences in insuring teen drivers - pros and cons of a separate policy or adding to ours. We will likely require home to pay all or a substantial amount of the additional cost. He will be primarily driving a 2011 sedan that we currently own. Thanks for your input.
If I remember correctly it was cheaper to add our twins to our policy.
There will be pain, if you have an umbrella that will go up too. But NC rates drivers on experience and after 3 years the rate goes down ... in fact it will go down each year for those first 3 years.
They added him to my policy, and (I'm going from memory here) they said that it would be cheaper to have him on my policy. They also assigned him to the cheapest car on the policy to keep the premium low.
With respect to the pricing, it was a 3 year run out where the price went down every year and on year 3 I was paying what I had been paying an amount comparable to what I was paying before.
They added him to my policy, and (I'm going from memory here) they said that it would be cheaper to have him on my policy. They also assigned him to the cheapest car on the policy to keep the premium low.
With respect to the pricing, it was a 3 year run out where the price went down every year and on year 3 I was paying what I had been paying an amount comparable to what I was paying before.
I was given the advice to get insurance for a second car with a different agent than I currently have, and then just add my son as the secondary driver. Does that make sense to anyone? Is there some benefit to using different insurance people?
Just lurking and wanted to share some info. My co-worker told me that she added her son to their policy and when he was in an accident, the other insurance company tried to sue the parents (owner of the car) for more money. She recommended for us to put our kid on her own policy. Still not sure how that works. We added her to our policy because we needed her insured stat and it was the easiest. We'll be paying our first premium in a couple of days to the tune of an extra four hundred dollars per month on top of our current auto insurance. We live in fabulous Las Vegas were the rates are probably insane compared to Raleigh.
Just lurking and wanted to share some info. My co-worker told me that she added her son to their policy and when he was in an accident, the other insurance company tried to sue the parents (owner of the car) for more money. She recommended for us to put our kid on her own policy. Still not sure how that works. We added her to our policy because we needed her insured stat and it was the easiest. We'll be paying our first premium in a couple of days to the tune of an extra four hundred dollars per month on top of our current auto insurance. We live in fabulous Las Vegas were the rates are probably insane compared to Raleigh.
This is nonsensical advice and is a good reason not to take advice from someone who is not a licensed agent. The owner of the car ALWAYS gets brought into a lawsuit. Yes, you could title the car in the child's name as well, but that has its own issues. I had a friend whose parents titled the car in her name, she ended up selling it!!
Second, if there is an umbrella policy, that covers anyone in the household. The underlying policy limits required for an auto policy in most states is 250/500 ....the temptation would be to insured the child under their own policy for minimal limits ... but then there's a gap between policies. ALL of this can be handled by a good agent, not your random co-worker, if you want to go the route of putting the child on their own policy, but it does not provide an automatic escape clause for the parents. It is not that simple.
Just lurking and wanted to share some info. My co-worker told me that she added her son to their policy and when he was in an accident, the other insurance company tried to sue the parents (owner of the car) for more money. She recommended for us to put our kid on her own policy. Still not sure how that works. We added her to our policy because we needed her insured stat and it was the easiest. We'll be paying our first premium in a couple of days to the tune of an extra four hundred dollars per month on top of our current auto insurance. We live in fabulous Las Vegas were the rates are probably insane compared to Raleigh.
I'd heard this once before, from friends who are affluent. They were advised to use a separate policy to protect family assets, by an insurance agent.
My sons girlfriend had her own policy from the beginning and paid a rate similar to what we paid by adding our sons to our policy. She did it because her parents made her assume financial responsibility for the car right away, not for any legal advantage.
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. We live in fabulous Las Vegas were the rates are probably insane compared to Raleigh.
