In many states, when they reach the age of sixteen, many young people decide to obtain their driver’s licenses. Like any other person, since you have a license, you can move freely, but, like the rest of the users, you should have the corresponding insurance.
Insurance companies set insurance prices based on multiple factors, including the vehicle characteristics and the people involved in the insurance, primarily the driver or drivers.
Insurance premiums can vary depending on the driver’s age and the time they have a driver’s license: it’s hard to find cheap car insurance under $50 a month for younger and less experienced drivers. Premiums are higher for this type of driver, considered high-risk.
The phrase “experience is a degree” accurately describes how insurance companies approach insuring new drivers, offering lower rates as drivers become more experienced.
Can my child drive my car with my insurance?
You may list your child on your insurance, but it exposes you to more risk. Your child must be listed on the policy either as an occasional or regular driver. In many policies, it will be noted that if the driver who suffers an accident is not the one listed as insured, the insurer will not be responsible for damages to third parties if they are responsible through civil liability insurance.
Please read the policy carefully to see what insurance coverage is offered and its conditions and exclusions. Some insurers do not insure drivers under 25 years of age who have had a license for fewer than two years and may not cover the damage even if your child is not responsible for a traffic accident.
Insurance Go Up
The insurance premium will go up substantially (up to 50%) with the inclusion of a second driver, whether regular or occasional. Still, the risk of not insuring your child far outweighs the potential savings. The consequences in the event of an accident, if it is not included in the policy, would be much more serious. That person would be unprotected by insurance.
In short, it is very important to notify the insurer of a second driver so that the insurer may include it in the policy. If the company refuses to include it, you will have to renegotiate the conditions or negotiate the return of what is left of the premium.
A more complex situation
This creates a more complex situation when taking out insurance for young people. It is usual to obtain a driving license once you reach the age of maturity, and in these cases, when the young person wants to acquire insurance, they find a heavy surcharge from the insurers.
One way to minimize this insurance surcharge is for parents to include their children in their vehicle policies, which allows them to be adequately insured for a better price.
Few insurers offer fair value for money, so parents usually subscribe to these products for their children. The fastest and most convenient way to find the cheapest car insurance with a low down payment, including a child, is to go to the comparators. After you fill out a short form, we will obtain the best comparison of companies and, above all, of price.