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When my daughter got her license I gave her my older vehicle and she was responsible for gas and insurance. She paid for her repairs, but I helped if they were very high. My insurance agent told me to put her on her own policy so I would not get sued if she had an accident and my rates would not be affected by her driving record. By her living in my home she was able to get my discounts, ie., two car discount, different safety features on her vehicle, and home being insured. This was a wise choice as she had two small accidents within a year and is now paying high risk and my rates didn't change, but my insurance would have gone from $300 to $2600 every six months if she were on my policy. She hated having to pay since all her friends' parents were footing the whole bill, but now in college she appreciates it because she knows how to pay bills and budget her money while her friends are always bouncing checks or calling mom and dad for money. |
teen driver - mom of teen
