Adult children may be covered under parents’ auto insurance policies

College graduates moving back home might be covered by their parents' auto insurance.The number of adult children returning to live in their parents’ homes has increased since the economic downturn, and in some instances they will need insurance coverage as well.

Whether these children return due to loss of a job, reduced income, or a recent college graduation, there are certain things parents will need to consider when they move back in. Auto insurance coverage is one of them. There are a number of auto insurance policies that will cover adult children, according to the St. Petersburg Times. However, parents should never assume it will and would be better off contacting their insurer before letting their child operate a vehicle.

It is likely that adding a young motorist will raise the raise parents’ auto insurance premiums, "so consumers should look for discounts such as those given for multiple vehicles and good driving records," Sean Shaw, Florida’s state insurance commissioner, told the Times.

Other auto insurance coverage discounts can be state-specific or alumni-related. Most insurance companies also offer discounts if both auto and homeowners coverage are purchased with the same carrier.ADNFCR-3298-ID-19779670-ADNFCR

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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