Young Driver Imact on Insurance.
We currently own two vehicles in the family. Our 2007 Honda Odyssey is insured in my wives name @ $966 and the other vehicle, a 2000 Chev Silverado Extend-a-cab is insured in my name @ $1450 with no collision coverage because its only valued at 2K in the event of an accident with 1K deductable, with my 18 year old son as a occasional driver as well on this policy.My 16 year old daughter is in the process of getting her drivers ed training and will soon be getting her G2.I was considering getting a third vehicle but was quoted an additional $3150 for insurance for truck in sons name. Car in my name ex: Chev Cruze would be $1050.Son is off to Ottawa for university in fall.I own small inc. business and truck was purchased thru business as company vehicle.Only driven average of 15K per year. Also considering motorcycle as transportation as another option to economize on insurance as well as fuel. Currently have homeowners policy with Ins. Co. as well. Do you have any suggestions? Teenage Kids and Insurance - OptionsHi there, This is a tough one. Here's one idea: If the truck is in the business name, it should be insured under a commercial auto policy (Which might be lower than the personal policy - depending on how you use the truck at work). You could be the primary on that commercial policy as well as one personal vehicle with most insurers. So if you had two personal vehicles and one commercial, you and your wife would be the only primary drivers with the kids as secondary on the personal vehicles. I see why you are considering a motorcycle, if your kids don't have the M license they can't be listed ... keep in mind that if you just got your M license rates will be higher for you. Be sure to check out the motorcycle insurance pages on this site for money saving tips. It sounds like you are doing all you can to save money on your policy. You can double check on what to do about the kids at this page: Teenage Car Insurance Good luck! By the way, are your rates too high? Check here: Other Pages of Interest car insurance in Ontario Canada Car Insurance Canada Car Insurance Quote Canada Auto Insurance Questions Or Ask another question at Ontario Auto Insurance Questions and Answers Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility. Make sure you review the "please read" page. |