Auto Insurance & Your Children

ARE YOUR CHILDREN COSTING YOU MORE MONEY? Many parents ask me, when should I remove my children from my auto insurance? Well, there is no rule or guideline that says you have to remove them at any certain age. Here a few things to consider:

1) How long do you want to be responsible for their liability? As long as they are driving a vehicle you own, the liability is on you- the owner of the car.

2) Obviously, from a premium standpoint, splitting off your children will save premium, but if you split them off before they are 19, it can be an over costly premium for a policy on their own. The longer they can have tenure on your policy, the better it will be for them when they split off on their own.

3) They must own the vehicle they are driving. You cannot remove them if they are driving a vehicle that you own. If you decide to sign the title over to them, you must split them off. You can only insure vehicles that you own.

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