Just an FYI...
My auto insurance company just lowered the premium for one of the 3 cars on
my policy. Earlier this summer we bought a car for my college age daughter
for her to use while she was home for the summer. She did not take the car
with her when she went back to school, so I called my insurance company to
see if we could save any money. With 3 cars but only 2 drivers in the
house, we obviously can't drive all 3 cars at once.
They told me that as long as the school was at least 100 miles away, they
could mark her as "Away At School" and cut the premium about in half. That
way we can leave the car registered for both our use and for her to use if
she comes home for weekends and holidays.
Why is she still on the policy, anyway? I've had the same situation a couple of
years ago when my last kid went to college and I was advised by the Ins. Co.
(esurance) to simply take her off the list of drivers on the policy. The
savings produced by removal of a teen-aged kid from one's policy cannot be
overstated. I think it was something like 70% in my case. OTOH, they would not
let me add her to only one car - the one that she actually drove - in the first
place. The explanation was that if she's living with us, she has access to both
cars (fair enough - that was true on many occasions) and should be added to
both. So, perhaps my policy was overprices to begin with.
Anyway, regarding the situation when a kid leaves for college, the agent at
esurance did not seem to mind/care/oppose the idea that she does come back every
once in a while (including 3 months long summer breaks), as long as her stay is
considered temporary. The school is about 200 miles away but I do not remember
anyone asking me the question, so I don't know if that played a role.
Leaving her on the policy covers her, and you, if she's driving
someone else's car, for some reason. Some insurance companies will
surcharge you for a licensed driver in your "household", even if they
aren't listed on the policy.
Could be. Companies and policies vary but be *very* sure. It
wouldn't hurt to let your agent know the situation, in writing. Unlike
changing a faucet or wiring an outlet yourself, it really is important
to get this right.
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