Sending your child off to college or thinking about doing so in the next year? It’s an exciting time with a lot to keep track of. To cut down on your dress during this busy time, consider how you can protect their safety with the help of proper car insurance. When a car is coming on campus in an area your child is not familiar with, the chances of an accident are higher. But what happens if the car your child is driving is not yours?
One of the most common scenarios that present serious questions regarding insurance and liability has to do with when your college-aged child drives a roommate’s car. This can be extremely tricky, and it’s not something you want to think about only after an accident happened. Being prepared can give you more opportunities to address things effectively
If your child intends to drive anyone else’s vehicle on a regular basis, coverage would be provided through the vehicle owner’s policy. However, if your child is involved with driving a roommate or any other person’s vehicle regularly, they should be listed on the corresponding policy. This is because the insurance company may choose to deny the claim based on the fact that any regular or occasional driver should be listed on the policy.
While this might typically cost some more money in terms of premium, it can provide coverage in the event of an accident. Furthermore, if you are sending your student off to college, don’t forget about the good student discount. In many cases insurance companies will provide your child with a 10% discount if they have a 3.0 GPA or higher. This is a great way to save some money on the insurance policy that often has spiked premiums after you have added a teenage driver. This also gives your child an additional incentive to get good grades.