Should I add my child to my policy or have them open a new one?

Adding your child to your current auto insurance policyDetermining whether you should add a child to your current auto insurance policy or have them open a policy independently depends on a few factors. First of all, it is a good idea to have your agent or carrier give you a quote for the addition of the child. Remember that if you have multiple vehicles on your policy, he may cause an increase in premium for all vehicles on the policy.

Depending on the child's age, time licensed, driving record, marital status, occupation and commute, the rates can vary from carrier to carrier. If the child drives all vehicles in the household, it is important to add him or her as a driver for all vehicles regardless of rate. If you find the rate to be too high, you may want to consider an auto insurance comparison from other companies. Remember that all auto insurance companies have different prices so it is best to shop around if your rates increase dramatically.

If the child drives their own vehicle only and not any other vehicle in the household, you can obtain a quote for the child independently insured with their own vehicle. This will help you avoid an increase of premium for other household vehicles, but keep in mind that they most likely will not have insurance coverage if they drive other vehicles in the household.

Once you compare the difference in premium between adding the child to your policy or having them purchase an independent policy, you can make a choice. Usually, having them open a policy on their own will be a bit cheaper but you must keep in mind that they will not have coverage for other household vehicles.

A few tips on saving money on your child's auto insurance policy:
  • Take advantage of any possible discounts such as student discounts, and low mileage commute discounts.
  • Keep in mind that when the child hits three years driving, they will be eligible for a good driver discount.
  • Compare the prices of your current company with multiple others. lets you complete one single form to instantly get back the rates of multiple insurers.
  • Experiment with higher deductibles to reduce the premiums.
Remember that some companies will not be able to offer such competitive rates for young drivers; however, there are so many carriers out there, so be sure to run a comparison if your current carrier's rates seem a bit high.

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