If you have an over 21 yo child living at home

[Danestress]

is that child on your automobile insurance or on his/or her own? My DS is 22 and we have kept him on our policy all through college because it was less expensive that way and we were paying for it.

 

Now he is home but probably will move out in the next 6 months or so. We are actually still paying his car insurance, though we could pass that on to him. He's saving for a worthy transition, so either way it doesn't matter, but what I am wondering is whether, regardless of who is paying, we should put him on his own insurance policy to protect our deeper pockets.

[blessed3x]

We have 19 & 20 year olds in college that we have on our policy, so I am interested in hearing about this.

 

:bigear:

[Lolly]

I was discussing this with my insurance agent the other day because dd is about to turn 18. The price difference for her on her own policy and staying on ours is absolutely huge. We decided to just leave her on ours. We have discussed upping our protection coverage because of another issue though.

[RegGuheert]

DS20 has his own policy because it was $600.00/year that way versus $800.00/year on ours.

 

ETA: I guess I should have answered this part:

 

...what I am wondering is whether, regardless of who is paying, we should put him on his own insurance policy to protect our deeper pockets.

This is one reason he is on his own policy and that policy is cheaper. Our policy contains liability insurance which is much higher than the state-mandated minimums. With his own policy, he can go with just the state minimums. Edited September 27, 2010 by RegGuheert

[Punchie]

I lived at home between the ages of 20-22. I had my own auto insurance policy and paid rent to my mother.

[Disney Dreaming]

Our dd is 21 and still on our insurance, but she is also still in college. She will graduate in May and when she gets her full time job she will be picking up her own insurance.

[SonshineLearner]

I would put him on his, straight away, unless it's not affordable to do so... It's worse to be responsible for his actions, rather than be out a bit. Of course, you could pay how much it's costing you now.... and have him pay the rest...

 

:)

[Delighted3]

Until just recently, our 20 yo college student was on our insurance. When we talked to our agent about him getting his own, our agent told us it would be much for expensive for him to get his own. Also, since he was still our dependent, we would be legally liable for anything anyways. He suggested we get a rider on our policy (I can't remember what it was called), but it only cost about 10 $ a month more and it protected us in case of any liability lawsuits above and beyond our regular insurance coverage.

HTH,

Joy

[LibraryLover]

My 21 has less costly car insurance than I do. lol He's a better driver and is not distracted by kids in the car. ;) He is on our insurance, but only in summer, (although not this past summer, as he did not live at home). We take him off during the school year. He is graduating college this May and will be moving to a different state, so he will no longer be on our insurance. The boy/young man is flying the coop!

 

In your situation, I'd leave it, since he's saving money and is being responsible. My oldest has been working hard to save money to go abroad for college classes this semester. It didn't make sense to add an expense to his plate when he was thinking about his future and working hard towards certain goals. If this is an easy way to help a worthy and responsible young man for 6 months, I'd do it.

Edited September 27, 2010 by LibraryLover

[Lolly]

Until just recently, our 20 yo college student was on our insurance. When we talked to our agent about him getting his own, our agent told us it would be much for expensive for him to get his own. Also, since he was still our dependent, we would be legally liable for anything anyways. He suggested we get a rider on our policy (I can't remember what it was called), but it only cost about 10 $ a month more and it protected us in case of any liability lawsuits above and beyond our regular insurance coverage.

HTH,

Joy

 

DS20 has his own policy because it was $600.00/year that way versus $800.00/year on ours.

 

ETA: I guess I should have answered this part:

 

This is one reason he is on his own policy and that policy is cheaper. Our policy contains liability insurance which is much higher than the state-mandated minimums. With his own policy, he can go with just the state minimums.

 

We do liability and or collision depending on each car on our insurance. Our agent puts the person to the cars depending on how it will make it less expensive to us. (They could do it by kids on highest priced or by which car they actually drive most often. Ours is just nice. Well...we have 5 drivers and all of our insurance with them. Kaching!) If our dc was to get her own insurance, it would put her on the same car; but she would no longer have the multiple car discount or the multiple policy (home insurance) discount in her favor. That makes it cost far more for her to be insured than staying on our policy.

[Carrie12345]

I was on my mother's policy until I was 21, but I paid for my portion.

 

Ds was born a few months after my 21st birthday, and that put me into the "adult/married" category (even though I wasn't married). It became cheaper to take out my own policy with that change, rather than staying on with my mom and newly-licensed sister.

[RegGuheert]

 

If our dc was to get her own insurance, it would put her on the same car; but she would no longer have the multiple car discount or the multiple policy (home insurance) discount in her favor. That makes it cost far more for her to be insured than staying on our policy.

It's interesting to learn how different these companies are. For instance, we cannot stop/start our son's insurance for college and there is no good student discount. Our son DOES get the multiple car discount since there are other cars at this address insured with the same company. But he does not get the multiple policy discount that we get. Our son shopped around because he didn't believe our provider would be the cheapest out of all of them. But he couldn't touch $600.00/year for a 20yo male.