Car Insurance

[qclabrat]

my kids have finally decided to drive, they're over 18 and live at home.
Question is whether they should get their own policy or go off ours? We have 5 cars, will that mean all rates will go up?
They will pay for 50% of the change in rates but doesn't make sense for them to pay premiums for all cars.
We currently have NJM, but willing to shop around

 

[Magic]

As long as they live at your address, I believe your insurance will go up regardless.

 

[Fire Lord Jim]

Been there, done exactly this. I use NJM.
Five cars, three kids. No car sharing with the kids. Everyone drive their assigned car.

My truck is only driven by me, on a separate policy. No rate increase.

Ms. Tina owns and registers the other four cars on her policy. Her rates on her vehicle did not go up.

The three kids cars are rated for young drivers, but the premiums are less than we would face if the kids sought their own policies.

The three kids' cars have no collision.

 

[rick81721]

Been there, done exactly this. I use NJM.
Five cars, three kids. No car sharing with the kids. Everyone drive their assigned car.

My truck is only driven by me, on a separate policy. No rate increase.

Ms. Tina owns and registers the other four cars on her policy. Her rates on her vehicle did not go up.

The three kids cars are rated for young drivers, but the premiums are less than we would face if the kids sought their own policies.

The three kids' cars have no collision.

This. Stick with njm. The kids' cars will be high. They will be higher after they get into an at-fault accident - and they will.

 

[shrpshtr325]

This. Stick with njm. The kids' cars will be high. They will be higher after they get into an at-fault accident - and they will.

hey mr generalization, not all teenagers are bad drivers 🤣 🤣

 

[qclabrat]

Been there, done exactly this. I use NJM.
Five cars, three kids. No car sharing with the kids. Everyone drive their assigned car.

My truck is only driven by me, on a separate policy. No rate increase.

Ms. Tina owns and registers the other four cars on her policy. Her rates on her vehicle did not go up.

The three kids cars are rated for young drivers, but the premiums are less than we would face if the kids sought their own policies.

The three kids' cars have no collision.

so you can designate the cars for them to drive? The cars are all newer except for one, but sounds like the way to go is a few shit boxes to get them to work and school.

 

[rick81721]

so you can designate the cars for them to drive? The cars are all newer except for one, but sounds like the way to go is a few shit boxes to get them to work and school.

Yeah if they drive crap cars without collision you'll save there.

 

[iman29]

Current situation here is my wife and I each have our own cars, and the 20 year old and 23 year old each have their own car too. My soon to be 16 year old gets his permit in November, but he wont be getting his own car anytime soon since he will share the car with the 20 year old (thats the oldest car in the house currently even if its in good shape). Also all 3 are boys = more expensive on insurance.

All cars are titled, registered and insured under my name with Allstate. All cars have full coverage even the ones which are a little older since they are in very good condition, with $1000 deductible in case of total loss, at least I get some money towards replacing them. I also have an umbrella policy to fill in any gaps

This might not be the best logic, but when the oldest started driving we decided the best approach was to keep it under my policy since it is pretty much the top tier of coverage, discounts etc... you can get based on the collective good driver history of myself and the wife. We also didnt want them driving 100% shitbox and draining their bank accounts fully just to keep it running.

Once the older ones started working and making enough money to cover costs, they pay their portion of the car expenses from my policy. AT some point the oldest one will need to go get his own policy but due to personal circumstances that I don't want to discuss here, it's not the right timing.

FYI - yes you assign a "primary vehicle" to each driver and the costs/discounts are associated to that car's driving pattern (i.e. only use for work or school less than 10 miles away).

Not sure any of that helps your decision @qclabrat hopefully it offers some ideas.

 

[iman29]

also I am pretty sure a basic insurance for 18 year olds is still pretty expensive even for a "commuter car" but we never really assessed that.

 

[Patrick]

hey mr generalization, not all teenagers are bad drivers 🤣 🤣

yes they are. just some don't get tickets or get into accidents cause of probabilities.

we have NJM - and "his car" is the most expensive, the others went up by about $100 each.
i should move the P car to Hagerty - same price as NJM would include collision.

 

[Bike N Gear]

Our son's 15 year old beater costs almost as much as my Suburban and wife's BMW. BTW, you can get a discount if they're away at school and the car stays home.

 

[shrpshtr325]

yes they are. just some don't get tickets or get into accidents cause of probabilities.

we have NJM - and "his car" is the most expensive, the others went up by about $100 each.
i should move the P car to Hagerty - same price as NJM would include collision.

i will say that inexperienced does not always = bad, but i was really jsut busting ricks balls for being an old geezer and typical old geezer opinions

 

[rick81721]

i will say that inexperienced does not always = bad, but i was really jsut busting ricks balls for being an old geezer and typical old geezer opinions

Haha old geezer opinions? It's just science - kids are lousy drivers:

https://www.cdc.gov/transportationsafety/teen_drivers/teendrivers_factsheet.html

 

[shrpshtr325]

Haha old geezer opinions? It's just science - kids are lousy drivers:

https://www.cdc.gov/transportationsafety/teen_drivers/teendrivers_factsheet.html

So are geezers(probably more so). How much did your rates go up when you qualified for aarp?

 

[rick81721]

So are geezers(probably more so). How much did your rates go up when you qualified for aarp?

Not nearly as bad when you look at total accident rates. 80+ are still better than 16 - 29:

It's not much of an age thing, it's experience. Analogy: were you a good mountain bike rider the first year you rode or are you better now? Were you very good at your job during the first year or are you better now?

 

[JerseyPete]

Our son's 15 year old beater costs almost as much as my Suburban and wife's BMW. BTW, you can get a discount if they're away at school and the car stays home.

I was told that as long as it is 100+ miles away. My son is at TCNJ which is only 80 miles and NJM said no discount.

 

[mntal]

yes they are. just some don't get tickets or get into accidents cause of probabilities.

we have NJM - and "his car" is the most expensive, the others went up by about $100 each.
i should move the P car to Hagerty - same price as NJM would include collision.

Agreed - I have my p-car w/ Hagerty as well (and boat with their marine arm) - best thing about them is the guaranteed check if wrecked. assuming i am alive to collect it.