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Car insurance for 18 year old?

post #1 of 7
Thread Starter 
Hi all. I don't usually post here, but I could really use some advice from you wise mamas. I have been the guardian of my now 18 year old nephew for the past 6 years, in addition to raising my own 4 little ones. Now that he is 18, we looked into getting him on his own car insurance policy (to limit our liability) but the rates are astronomical - $8,000./year, as opposed to less than $2,000/year on our policy. He pays for his own insurance, as well as his car. He will be going to college out of state in the fall. Well, the trouble is that now that he has a new, cool car, his driving & decision making have not been the greatest. For example, he has gotten 2 tickets, was recently in an accident, we feel he drives too fast, etc. He really is a good kid, but he is not the most responsible & I am having trouble trusting his driving behavior. I am quite concerned of what impact this could have on us - insurance rates going up, our liability if heaven forbid he did get into a serious accident, etc.

How do others handle insurance w/18 & older kids? Any experience, advice, ideas would be appreciated. TIA! :
post #2 of 7
My daughter is only 17, but she does understand that car insurance, which is mandatory in our state, is something that people like us simply cannot afford. She rides a bicycle or takes public transportation. She has had Driver's Ed for traffic safety purposes but does not see any reason to take a driver's test.

Her somewhat more well-heeled best friend was all excited about being old enough to drive, but when the reality hit her of how many hours she would have to work to pay for insurance, she decided she would rather enjoy her childhood. She is now 19 and still doesn't drive.

I didn't get my license until I was 30 and it helped somewhat to have an old beater that wouldn't even go on the highway and the absolute minimum liability insurance. I know that's not what you wanted to hear; in the U.S. people who don't drive have to deal with a lot of undeserved stigma, but sometimes reality is reality.
post #3 of 7
I was all set to say keep him on your insurance until you stated he was becoming reckless. I would absolutely require him to get his own insurance.
post #4 of 7
My dd is 19 and we have kept her on our family insurance policy. She has to pay her share - the amount due for her as a driver in her car - to us on a monthly installment basis. I am fortunate in that she is very mature and has had abosolutely no tickets or driving incidents since she got her license.

I'm not sure how I'd handle the increased tendency to drive recklessly, that's a tough one.
post #5 of 7
I am 23, this was my parents policy when I was 16 and beginning to drive.

When i turned 16 they bought me a used cheaper car for about $2k, if after one year I did not have any tickets or acciednts (minus MN weather related) then after 1 year I would sell it and they bought a much nicer vehicle for about $4k.

As long as my grades were A's and B's they paid for my insurance and car payments. The minute I got a ticket for doing something reckless I was responsible for paying for my insurance. As long as my grades were good and I was not misbehaving, like getting a minor, they would continue to pay for my insurance.

By the time I finished college my car was paid for and I took over the insurance part.

Not something every family is able to do but boy did I make sure I never was speeding and was always buckled up.
post #6 of 7
His insurance costs that much because of his recklessness. If the insurance company doesn't think he's a good risk, I'm not sure you should either.

I'm assuming this is for full coverage, right? Who pays the note for this car?

College students don't generally need cars anyway. Not if they are going to live on campus. Is it possible to sell the car and having him go without one, or at least to a cheap used model that he can buy outright? That's an expense and risk that I simply couldn't justify in my household. That insurance bill is more than our entire transportation budget for 2-3 years.
post #7 of 7
If he is going to raise your costs, he should get his own.

Everyone makes mistakes, but it is also up to that person to pay the price for them.

Love hurts sometimes
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