My parents aren’t really sure what is best, so I figured I’d ask the SDMB for their opinions. Thanks in advance:
Alright, i’m 17 years old, turning 18 in a couple weeks. I’ll be moving out to college next august (about half an hour away from home). I am currently on my parent’s car insurance - Geico, and they pay for it. I’ve had one speeding ticket about 6 months ago, a minor fender bender over a year ago (which was my fault), and a couple weeks ago I rear ended someone again. My parents say that because of my accidents, their insurance is going up also (since i have to be covered for their cars since I live in the same household). They think it may be best for me to get my own insurance, and just help me pay it. But my mom admitted today she really doesn’t know what’s best. So my question is, Do you think that I should get my own insurance? If so, what insurance do you recommend? I’m going to be working part time in college, so something affordable. Any advice you can give me would be appreciated.
Your insurance is going to be high pretty much everywhere. I’m not sure how much your parents would save paying your insurance separately or on their policy. It would depend on if they get a multi-car discount through Geico for listing all the cars together. (My insurance company gives one as we have our house and cars insured through the one company) And how much it is really costing them to have you on their policy. You can only be surcharged on one car for your transgressions… so the most expensive car to insure in your household would be insured as if you were the primary driver. So if dad has a cherry red convertible and you have a $500 beater box then you carrying your own insurance would certainly save cash.
The best thing you can do for yourself is to drive as carefully as possible so these accidents will eventually “fall off” your record and not be replaced/augmented by new ones.
I don’t know what state you live in as all have their own insurance rules but depending on your car you can always talk to an agent about what coverage is most useful and what can be safely dropped. Just make sure you assess the dollars saved versus the potential dollars spent should you need to put in a claim versus the likelyhood of you making such a claim very carefully.
I think your folks are on the right track wanting you to pay for your own insurance. The truth is, you aren’t a very good driver. Maybe if you took some of the financial responsibility for your carelessness you will be a lot more vigilant when you are driving.
This may sound sort of callous, but I’ve always paid for my own insurance; I was on my mom’s policy at first but I paid my share of it nonetheless. At your age, and with your record, insuring you is EXPENSIVE. I don’t blame your parents for wanting you to take some responsibility for it.
One reason my brother (he’s 19) doesn’t have his licence is because of the insurance; he doesn’t have the money, and there’s no way that our parents are going to pay it for him.
Count yourself lucky, and figure out a way to pay for it yourself. And do try to clean up your driving.
His parents seem to be willing to still pay for it they just want to cut their costs a little.
I agree that he should be paying for his own too I’ve always paid for my own stuff. It sucked but I managed.
Make sure you appreciate the generosity of your parents PetW. No one paid for my insurance, college, clothes, and other generic necessities. I started working at 15 for all those things. (before that I baby-sat)
It really ends up depending on whether you have your “own” car or not. I had an 88 bonneville which was owned by my dad and a more expensive 1992 voyager. My insurance told me they’d have me as the primary on the more expensive vehicle.
If you have your own car, you might need to transfer ownship to insure it yourself.
Best is to talk to a broker. Prices will vary. When I got my brand new Matrix XRS at 24 (all mine, nothing under any parents) my dad’s insurance company wanted $700 a month! I found insurance for $317 a month and now that I’m 25 with no tickets…it’s down to $192 with further decreases as the years go by.
I’ve always paid for my own stuff. It sucked but I managed.