Does auto insurance have an age cap for your children?
When your teen first got their driver’s license, you probably added them to your auto insurance policy because it was the cheapest and easiest way to get them covered. However, as your children get older, you may be worried about the legality of keeping them on your policy. Here’s what you need to know about insuring your kids on your auto insurance policy.
- No Age Cap
Unlike your health insurance that only allows you to cover your kids until they turn 26, auto insurance policies do not have an upper age cap. This means that your child could remain covered under your policy indefinitely, so long as they meet certain requirements.
- Residency Requirements
Where your child lives affects your ability to keep them on your auto policy. If your kids live at home, you can continue to cover them under your policy (assuming that they are not financially independent). Once your child moves out of your home, they must secure their own insurance. However, college students who move out to attend school, and children of divorced parents who may only live with each parent for a portion of the year are usually excluded from auto insurance residency requirements.
- Financial Independence
In addition to moving out, your child will have to secure their own auto insurance policy once they have become financially independent. While different insurers will have different definitions of financial independence, children are usually considered independent once they have purchased a home or gotten married. If your child has made these major life changes, they need to secure their own auto policy.
This is what you need to know about insuring your children on your auto insurance policy. Do you have additional questions about your car coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.