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As a young driver, being on a parent’s car insurance policy is often cheaper than getting your own. However, if you’re a college student or a recent graduate, you may be wondering how long you can stay on the family’s car insurance policy. The truth is that there is no set age limit for how long you stay on your parents’ auto insurance. However, there are a few milestones that can indicate it’s time to make the switch. Let’s cover some basic scenarios on when you can and can’t stay on your parents’ car insurance.
When You Can Stay on Your Parents’ Car Insurance
Understanding the scenarios where you can remain on a parent’s car insurance can help young drivers save money. Even if you aren’t a “young driver,” you can remain on their policy as long as you live with your parents and have access to their cars. In fact, insurance providers prefer that all licensed drivers in your household be listed on your policy.
What if you live at home with your parents and drive their vehicles?
You can (and should) remain on your parents’ car insurance policy if you share the same home address and drive any car that is in their name. This applies to teenage and adult drivers.
Can I stay on a parent’s car insurance if we co-own the car?
Suppose your and a parent’s names are both on a vehicle’s registration. In that case, you can remain on their auto insurance policy as long as you live in their home.
Can I stay on my parent’s car insurance when I go to college?
Generally, most insurance companies allow college students to remain on a parent’s auto policy as long as their parent’s home is still considered their permanent address. If you have a parent’s vehicle at school with you, both you and the vehicle may remain on their policy.
If you don’t take a car to college, staying on a parent’s policy is still recommended. That way, you’re covered whenever you visit home for a weekend or school break. Plus, this may make your parents eligible for a student-away discount.
Can a 26-year-old be on their parents’ auto insurance?
Unlike health insurance which usually requires adults to find their own coverage options by age 26, there is no limit for car insurance. A 26-year-old can remain on a parent’s auto insurance policy as a listed driver as long as they share the same permanent address.
Can I stay on my parent’s auto insurance if the car is under my name?
Depending on your state and insurer, you may be able to add a car you own to your parent’s insurance policy if you live with them and the car is kept at their house. Remember, however, that you must purchase your own policy once you permanently move out.
If your state requires the policyholder’s name to match what is on the vehicle’s title, you won’t be able to remain on a parent’s car insurance without adding their name to the title.
When You Cannot Stay on Your Parents’ Car Insurance
Although staying on a parent’s auto insurance may help you save, there are times when you’ll be required to purchase your own insurance.
You’re a college student that owns a vehicle and permanently moves out.
Suppose you’re a college student that permanently lives off-campus and owns the car you drive. In that case, you’ll likely be required to purchase your own auto insurance policy.
You move out and take your vehicle with you.
Once you permanently move out and take your vehicle with you, you must purchase your own policy if you don’t already have one. If you move out and still drive a vehicle owned by a parent, you may need to purchase a new policy depending on your insurance. Speak with an agent to learn more.
Can I stay on a parent’s car insurance if I’m married?
Once you’re married and move in with your spouse, you must purchase your own policy. However, if you and your spouse are moving in with your parents, you can both be added to their policy as listed drivers and vice versa.
You are on your own financially.
Although this is more of a judgment call rather than a requirement from an insurance company, it typically makes sense to purchase your own policy once you’re financially independent. For example, if you rent or own a home, you can save by bundling different insurance policies.
Speak With an Insurance Specialist
As you can see, many different scenarios can affect whether or not you can remain on your parent’s car insurance. If you still have questions regarding your coverage, our insurance specialists are here to help. We can guide you through the insurance marketplace and answer any unique situation-based questions that you may have.
Whether it’s time to search for a new policy or add a new listed driver, AIS makes the process easy. You can use our network of trusted providers to quickly compare quotes from multiple insurers. Call (888) 772-4247 or visit us online for a free quote today.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.
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It’s no secret that electric cars have become increasingly popular in the Golden State over the past few years. In 2021, California had the greatest number of electric vehicles (EVs) in the country, comprising 39% of all EVs nationwide. There are plenty of reasons for the growing popularity of EVs, including lower emissions, fuel costs, and state incentives. Still, the actual cost of an electric vehicle goes well beyond its sticker price. So, let’s take a closer look at the various costs you should know before purchasing an EV.
How Much Does an Electric Vehicle Cost?
Although electric vehicles have become more affordable since their mainstream introduction, most brand-new EVs are still more expensive than their gas counterparts. However, as the industry advances, we can expect to see the gap close between the two. Recently, Tesla, Chevrolet, Hyundai, and Nissan have all lowered prices on their entry-level EV models. So, what’s the cheapest EV on the market in 2023?
Starting at $26,500, the Chevrolet Bolt EV is currently the most affordable EV on the market, followed by the Nissan Leaf, which starts at $28,040. For comparison, one of the most expensive EVs on the market is the Audi RS e-tron GT, which starts at a whopping $143,900. Why the significant difference? Aside from brand recognition, higher-end EVs are likely fully equipped with the latest technology and high-performance stats, such as going from 0 to 60 mph in under 3 seconds.
What Are the Incentives of Owning an Electric Vehicle?
Owning an EV comes with additional benefits besides skipping the gas line. In fact, you can earn up to $7,500 in federal tax credits just for purchasing your new electric ride. Plus, depending on your model, you may be eligible to receive tax incentives even if your EV is used. However, remember that these aren’t rebates, so you won’t receive a check in the mail. Instead, any credit you receive will apply to your annual tax burden.
In addition to federal tax credits, many states also offer cash incentives for purchasing an EV. California, for example, has the Clean Vehicle Rebate Project (CVRP), which promotes EV purchases by offering rebates of $1,000 to $7,500 for those eligible. Eligibility depends on gross annual income, with income caps of $135,000 for single filers and $200,000 for joint filers. Furthermore, there may be additional local rebate options to apply for depending on where you live.
To see a complete list of the California incentives available, visit California’s Drive Clean website.
How Much Does It Cost to Charge an Electric Vehicle?
Ditching the gas station is one of the biggest draws of owning an EV. On average, recharging an electric car will cost significantly less than filling up a gas tank. However, the cost to charge your vehicle will greatly depend on its battery size and the price of electricity where you live.
According to the Energy Information Administration, the average cost of electricity in California is around 19.65¢ per kilowatt hour (kWh). At this price point, fully charging a Chevrolet Bolt (65 kWh battery with a 259-mile range) costs $12.77, or 4.93¢ per mile. For comparison, it’d cost you $49.12 to go a similar distance in a 25-mpg gas-powered car at a gas price of $4.74 per gallon (the average gas price in California at the time of writing).
There are three different charging options you may encounter when charging your EV: level 1, level 2, and DC fast charging:
Level 1: Slowest charging rate that provides around 5 miles per hour of charge. Level 1 charging stations can plug directly into a standard household outlet without requiring special installations or rewiring.
Level 2: Medium charging rate that provides around 25 miles per hour of charge. Level 2 charging stations require a 240-volt outlet that you may need to install professionally on a dedicated circuit. Average costs range from $500-700, excluding installation costs. Some publicly available charging stations are also Level 2.
DC fast charging: The fastest charging option available, providing up to 250 miles per charging hour. DC fast charging requires a 480-volt connection and utilizes DC power, so you can’t install these at home. These chargers are typically found in public locations like rest stops or parking lots.
Is It More Expensive to Insure an Electric Vehicle?
Purchasing insurance for an electric vehicle is generally the same as buying insurance for a gas-powered car. However, you can expect to see a difference in cost.
On average, it will cost you more to insure an electric vehicle than its gas counterpart. Although EVs may have significantly fewer moving parts, the parts they do have can be pricey to repair or replace. Plus, working on EVs requires additional training that not all repair shops may be familiar with, resulting in higher labor costs. These factors can lead to a high payout for insurance companies in the event of a claim, meaning higher rates for EV policyholders. Still, it’s important to remember you’ll be eligible for typical insurance discounts, such as being a good driver, bundling policies, and being claim free.
Speak With an Insurance Specialist
Are you thinking about purchasing an electric vehicle in California? If so, we recommend speaking with an insurance agent before switching to understand how your insurance rate may change. Although your premium may increase, the gas savings and other benefits may well be worth it.
If you’d like to review your options and compare quotes from a network of insurance providers, AIS can help. Our insurance specialists know the right questions to ask to find you the best rate available. So give us a call at (888) 772-4247, or start a free quote online today.
The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.
