Young people who have moved away from their parents’ home and are setting up their own place may find that securing auto insurance is difficult. If they have not established a healthy credit record, that task can become even more difficult. One way around this is to go back to the folks for help. Mom and Dad can keep you on their auto insurance policy, and you might find you get a better rate that way. Your parents’ good credit can bring you the perk of savings because they have already established a relationship with the insurance company. Because the policy covers more than one vehicle, there is usually at least a small savings involved.
Of course you can still have the insurance card in your name, and you will be the registered owner of your covered vehicle. And you can write a check to your parents each month for your share of the premium payment. You all save money and you don’t run the risk of being denied insurance because you’ve never had a policy of your own. Then, once you’ve established an insurance record in this way, you can get your own policy at the same agency. From there, you’re on your way to getting a good policy anywhere you want.
