Getting older is a natural part of life. There are those moments we all look forward to as adolescents: getting our driver’s license, buying our first car, or buying our first home. As we gain more and more independence from our parents, however, we do begin to realize a certain reality that is painful to some of us; living independently in the world can be expensive!
We do have good news for you! If your parents are insured with ERIE Insurance, when it comes to you being covered, your age does not matter. As long as you live under the same roof as your parents, you are able to keep your name on their car insurance policy. Once you buy your own vehicle or get your own place, you’ll need to obtain your own insurance. If you have questions, feel free to give us a call at 301-948-2010.
When I Go Away to College, Do I Need My Own Insurance Policy?
With regard to you going away to college, distance does not matter when it comes to staying protected by your parents’ policy. As long as you do not plan to make your college town your permanent place of residence, you are covered and you do not need your own policy.
If I Move Out, Can I Stay On My Parents’ Insurance?
No. If you are moving to an apartment or buying your own home, and you have your own car, you will need to get your own policy with yourself listed as the first named insured on the policy. This rule applies to renters as well. Again, we do have some good news for you! If you bundle your auto insurance with your home or renters insurance, you are eligible for certain discounts!
Is It Cheaper for Me to Stay On My Parents’ Policy?
The short answer is…not necessarily. There are a number of factors which determine your auto insurance rates: your car’s safety rating, your own driving history and your age. While staying on your parents’ policy may mean you are eligible for the same discounts that they have i.e. a multi-policy discount, if you get your own policy, you may also be eligible for certain discounts.
When I Buy a New Car, Do I Need My Own Policy?
If you are planning to buy a new car and have it listed in your name only, you will be required to get your own auto insurance policy.