Not there yet but getting closer and starting to look at cars and think about insurance. Do you add them to your current insurance? Get them their own insurance? Increase your liability levels?
Curious as to what you guys are doing and what costs you are experiencing
yes you will need higher liability limits. Good luck!
yes you will need higher liability limits. Good luck!
Huge mistake let them get there license
Don't want them relying on friends to drive them
My annual car insurance just tipped 20G a year... still cheaper than sending them to a non state school..
Here is the funny thing.. I checked the cost of the same exact insurance in North Carolina and it was 4G a year...
We are looking to relocate once I secure a job there but I might look into buying the house and moving them all there with the cars now.. the difference would pay the mortgage.. at least I would put the $$ to something I would eventually own..
Car insurance is the biggest scam out there..
I bought old pickups on auction for my kids to drive. It helps that we live in a farming community, so pickups are driven by kids all the time. Having said that, ours are all old and ugly.
I increase my liability insurance and drop the deductible a little, then drop any comp/collision on the vehicles they are named as primary drivers.
The reason I like older pickups is that they are terrible on gas and forcing them to pay for their own gas helps them reduce the amount of driving. They also can take a few dents here and there and keep going. Also, I was able to find some at auction on the cheap. I bought one from the city for $300, one from the state Department of Transportation for $2400, and am putting in a bid now for another from the city for $2000. These pickups have been the primary drivers of my teenagers over the last 8 years and the coverage on them is ridiculously low. I'm in Idaho, so that helps, but we pay something like $12-15/month for those vehicles.
They've been hard on them, but at those prices who cares?
From folks I've spoke with recently, inquire about and get prices for an "umbrella" policy which should cover your entire family, including car insurance.
20k a year. thats crazy
Don't know what the rates are in Pa, but in NJ they're usurious.
TRhats how it should be. Unless the kid has full time after school activities they should otherwise get a job to pay for their insurance, at the very least.
I actually enjoyed that, wasn't mad at my parents for not paying.
Can I pat you on the back or you want to take care of that yourself.
That is exactly what I did. Bought an old clunker and then got the least legal amount of insurance I could get.
1. Make sure your kids gets his/her license right away to start accumulating years experienced as a driver. Even if they won't drive. The more years you have under your belt the cheaper.
2. Depending on the number of cars to drivers, you will have to play around with different quotes. #cars < #drivers: add your kid as a part time operator on your oldest car (or rather, lowest rated). Consider covering that vehicle for liability only.
#cars >/= #drivers: you'll have to add your kid as a primary operator, but again, put him/her on the lowest rated vehicle, preferably liability coverage only. Try to give them the lowest projected annual mileage possible and for pleasure use. Take advantage of and good student or other discounts.
1 car and 2 drivers, it might be to your advantage to buy an old beater, liability only, low mileage annually. The multi-car discount might absorb a lot of the increase to add your new driver.
I'm not an insurance agent, but I did stay at a Holiday Inn.
To expand on my first point, you can choose to exclude your kid, meaning he/she absolutely will not be covered if he/she drives your vehicles. But during that time, make sure your kid is still licensed to accumulate years experienced, so when he/she is ready to drive down the road, it will be cheaper. It doesn't matter if your 16 or 45...a rookie is still a rookie.