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UPDATED: Dec 13, 2017
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Deciding to get your car insurance listed under your dad’s name is not a new practice; many children choose to list their coverage with an older, more experienced relative.
However, every insurance provider will have a different set of rules that go hand-in-hand with multiple vehicle policies; some may not work for what you need.
Before you join your dad’s policy, it’s crucial that you consider different factors, including:
- Your household situation
- Who is responsible for the bill
- Both of your previous insurance histories and driving records
Your Age And Your Living Situation
One big factor that you should review before joining your dad’s policy is your age and where you’re living. Insurance providers will often look at this as well, so reviewing it up front will help to alleviate any surprises.
When looking at the household, your insurance carrier is likely to consider anyone of a legal driving age that carries a license to be an additional driver.
What this means is that the insurance policy may require you to be listed on your dad’s other vehicle policies while also having additional drivers listed under your car.
For example, if you live in your home with your dad, your mom, and your 14-year-old brother, then your insurance provider may see three potential drivers of any vehicle in the household.
This means that you may be listed on their vehicles while they may end up listed on your vehicle as well. When insurance providers add additional drivers to a car, they may also increase the policy premium amount to compensate for the added risk exposure.
This means that you may not save as much money as you had originally expected.
Another factor to consider is your age since younger drivers are often viewed as inexperienced and prone to accidents.
Many insurance companies look at statistics when trying to determine the most accurate policy terms and premiums amounts, which means that the younger, less experienced drivers often get higher premium rates than their more experienced parents or guardians.
When you put your car insurance under your dad’s name, his provider may raise the premium rates to compensate for the additional risk you introduce.
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Your Insurance History And Your Driving Record
One of the biggest factors that any insurance carrier will take into account is the driving record and insurance history of any potential driver.
This means that you may be subject to review before you are provided coverage if your history includes any of the following:
- Previous claims
- Traffic citations or moving violations
If you have a poor driving record, for instance, insurance providers may be reluctant to provide you with coverage.
If you have a lackluster insurance history, such as high numbers of claims or failure to pay your premiums, your dad’s provider may not want to add you to the policy. If they do decide to add you, they may charge you higher premiums to prepare for the added risk you introduce.
When two people are listed on the same policy, such as you and your dad, his insurance history and driving record are looked at in conjunction with yours.
This means that his insurance carrier could consider him a moderate risk on his own, but when you are added to the picture that risk could become too large for them to accept. If they do choose to provide coverage, they may provide it with a substantial premium increase.
Remember that some coverage options are a privilege, not a right or a state requirement. What this means is that your provider may decide to remove coverage options, such as collision, comprehensive, or glass coverage, if there are too many claims filed.
This is one way they can reduce the risk they are exposed to without having to cancel the policy.
Be sure to have an open, candid discussion with your dad about your history before attempting to join his policy. Ask him about his past and anything that could negatively affect you as well.
If his current provider does not seem like a good fit, you may want to consider other providers to meet your needs.
Paying The Premium And Managing The Policy
Determining who is responsible for paying the policy premiums and maintaining the policy is something that should be taken into consideration.
Although this may not directly affect your ability to join his policy, this can be an important discussion that you two should have about how to make this new policy merger work for the both of you.
In many cases, insurance providers assign one or two individuals as the named insured, which is the primary policyholder. This named insured often received policy correspondence, billing notices, and other pertinent information.
This means that you will want to find out if your dad is listing you as a named insured and what your responsibilities are regarding your portion of the policy coverage.
If you are responsible for paying part or all of the premium, making sure you receive billing notices on time is important.
Deciding to put your car insurance coverage under your dad’s name is a decision you can make, but make sure you are informed and well prepared before proceeding.
Due to the factors that can influence your policy coverage, it’s important that you know what you need from an insurance policy, how much you’re willing to spend, and who is responsible for maintaining it.
If the current provider is unable or unwilling to meet your needs, you may want to consider looking at coverage through another provider.
Each carrier works a little differently and offers different premium costs based on your coverage options, so be sure to get multiple quotes before making a final decision. Start here by comparing several insurers at once!