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Car purchase and insurance for a 19 year old
October 22, 2024 at
02:45 AM
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I am thinking of buying Honda HR-V for my 20 year old daughter. May be 2023 or 2024 model with less than 20000 miles or a new car depending on the price difference. How should I start? Buy from a Honda dealer or from CarMax or Carvana...
Regarding the auto insurance, should I add her on mine or get her a separate insurance? I own a house. Heard that it's better to get her own separate insurance as God forbid she is involved in a crash, they can come after my asset if I have her under my insurance. Really confused on this.
Also as she is living in the dorm and might change next college year and her address is not permanent, how should I go about giving her address for car buying and for insurance? Should I give our home address as it is the permanent address. She has our home address on her Driver's License. Any suggestions would be helpful. Thanks.
Regarding the auto insurance, should I add her on mine or get her a separate insurance? I own a house. Heard that it's better to get her own separate insurance as God forbid she is involved in a crash, they can come after my asset if I have her under my insurance. Really confused on this.
Also as she is living in the dorm and might change next college year and her address is not permanent, how should I go about giving her address for car buying and for insurance? Should I give our home address as it is the permanent address. She has our home address on her Driver's License. Any suggestions would be helpful. Thanks.
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Talk to your agent or just run what ifs online to find out the costs.
You could get a 1 million dollar umbrella policy too which is what we did it cost less than bumping up our house and car liability separately.
they can go after the parent's homeowners insurance if they have a policy. Best to be maxed out on coverage if carrying teen on a parents policy.
On the other hand, if it's it's the teen's policy- you can't get .... from a turnip. Some might say, the teen could get sued and get their wages garnished for 20-30 years. Good luck with that.
See this article https://byrddavis.com/if-a-teen-driver-causes-a-crash-can-you-sue-the-parents/#:~:text=However%2C%20... [byrddavis.com]
So best to plan for the worst and hope for the best if your kid is under 21.
However, I believe your insurance is required to cover your daughter once she got a driver license regardless if she has a car or not. And it will increase your premium. Did you check with your agent?