For the past 3 years we have Liberty Mutual auto insurance. I shop every year to make sure they don't overcharge me and compare to other companies with the exact coverage. In the past I have had companies that were up to $100 less expensive but stayed with Liberty as they were very efficient when my son totaled his car 3 years ago. We have good coverage on 5 vehicles 300,000/$500,000 with $500 deductible. Collision on all vehicles.

This past September we added the 5th vehicle and driver. When I talked to Liberty on the phone they told me that in June 2018 my insurance would be $7,200 for the year. Ages of children in June will be 18, 20, and 24. Wife is 53, I'll be 65 by then.

Will I be better off having the oldest get his own policy and maybe even the 2 younger ones? In NJ, at age 25 insurance goes down in price. The only tickets were from the 20 year old 2 years ago, everyone else has a clean driving record.

Do we have to have the same Policy as we all live in the same house and on occasion (rarely) switch vehicles?

I ask this as I recently purchased a new policy for my RV as the previous company stopped insuring RV's. While talking with the Agency on possibly switching away from Liberty because of the high rates, I was told it is too far ahead of your renewal date to give me an accurate cost for a policy. She said give her a call 2 months to 6 weeks before my policy ended and she would be more accurate with a quote.

Just me but when mine hit 18 they are on their own.
If you are set financially and plan on paying their insurance for them I don’t think there is a benefit to not having them on.

And you should be fine driving each other’s vehicle not on the same policy. We have State Farm and myself, my mother, brother, and grandparents all have a pool of cars that we share. All under 4 different policies and even in 3 states. My mother and grandparents live at the same house. No issues being covered.

As soon as the kids could stand on their own two feet, I gifted them their cars and had them get their own insurance. If they had an accident, I did not want to be part of the law suit.

Remember that if you decide to cut the kids off onto their own insurance policy, you'll have to re-title/re-register the vehicles to them as well.

LM will be able to quote you both scenarios, both with the kids on their own policies and staying on yours. Their call center has a dedicated group that handles this. It's no obligation to take the policy. You can get just the quote.

Some good replies here.
Of all our drivers, I would be least hesitant to sign over to the 20 year old the title. 3 vehicles are in my name, my wife has a lease on the Acadia and she has the title to the oldest boys car. It is something I'm going to start calling or doing the online quote request in about 2 weeks. I can't wait to get out of this state with the high insurance, taxes, etc... My wife has to work more years to have full medical with her pension, so the smart move is to actually stay until then.
Thanks again,
Rich

My daughter is 16 and we make her pay for her own insurance. It's on our joint policy, but she pays for her share or she doesn't drive. All three of your children should be paying for their own insurance if its individually or jointly.

I have been on my own policy since I was 18. Our agent suggested that as a way of limiting liability for my parents if I did something, and for me if my parents did something. We still borrow each other's vehicles from time to time, but we all maintain our own policies.

quote:

Originally posted by jcsabolt2:
My daughter is 16 and we make her pay for her own insurance. It's on our joint policy, but she pays for her share or she doesn't drive. All three of your children should be paying for their own insurance if its individually or jointly.

The oldest pays for his own insurance. The 20 year old pays less than what he should but he is in technical school and needs to drive so we help out. The youngest is going to high school and has an average of 96, is in a lot of extra school activities and 3 nights and all day Sunday she is in EMT school. She gets a free ride for now.

Read the policies carefully.

Will your policy cover your son if he's driving your vehicle? Does his policy cover you when you are driving his vehicle? Do you know if this changes if you and your son reside at the same address?

My policy did not cover other drivers at the same residence, unless they were specifically listed on my policy and I paid an additional driver premium. I could let a friend drive my car on occasion, but I couldn't let my fiancee do the same.

quote:

Originally posted by Aeteocles:
Read the policies carefully.

Will your policy cover your son if he's driving your vehicle? Does his policy cover you when you are driving his vehicle? Do you know if this changes if you and your son reside at the same address?

My policy did not cover other drivers at the same residence, unless they were specifically listed on my policy and I paid an additional driver premium. I could let a friend drive my car on occasion, but I couldn't let my fiancee do the same.

Yes, our policy states anyone in the house can drive any and all vehicles. Also if a neighbor borrows one, it is covered. Technically I own 3 of our 5 vehicles. Title and registration are in my name.

As an ex insurance agent, I would advise you to consult with your agent concerning whether your children are covered if they drive a car belonging to someone outside the family.

It used to be that only the policyholder and spouse were covered driving a friend's car.

EasyFire

quote:

Originally posted by EasyFire:
As an ex insurance agent, I would advise you to consult with your agent concerning whether your children are covered if they drive a car belonging to someone outside the family.

It used to be that only the policyholder and spouse were covered driving a friend's car.

EasyFire

Good point. I know we can lend out our vehicles, but don't know what would happen if we borrowed a car from a neighbor and had an accident. Having 5 vehicles, we don't really need to borrow, but I do on occasion drive my brothers truck to help him out when he is busy on a job site. I'm not his employee, just helping him out for free.

quote:

Originally posted by rtquig:

quote:

Originally posted by EasyFire:
As an ex insurance agent, I would advise you to consult with your agent concerning whether your children are covered if they drive a car belonging to someone outside the family.

It used to be that only the policyholder and spouse were covered driving a friend's car.

EasyFire

Good point. I know we can lend out our vehicles, but don't know what would happen if we borrowed a car from a neighbor and had an accident. Having 5 vehicles, we don't really need to borrow, but I do on occasion drive my brothers truck to help him out when he is busy on a job site. I'm not his employee, just helping him out for free.

As long as you don't live in the same house as the person whose car you are borrowing, you don't need to be listed on their insurance policy. If you were to borrow your neighbor's car and wreck it, your neighbor's insurance policy would be the primary coverage for the accident, however you would get any points/surcharge if applicable in your state.

You stated what your insurance will cost in June 2018 but your didnt say what your paying now. How much will your insurance increase.

quote:

Originally posted by ryan81986:

quote:

Originally posted by rtquig:

quote:

Originally posted by EasyFire:
As an ex insurance agent, I would advise you to consult with your agent concerning whether your children are covered if they drive a car belonging to someone outside the family.

It used to be that only the policyholder and spouse were covered driving a friend's car.

EasyFire

Good point. I know we can lend out our vehicles, but don't know what would happen if we borrowed a car from a neighbor and had an accident. Having 5 vehicles, we don't really need to borrow, but I do on occasion drive my brothers truck to help him out when he is busy on a job site. I'm not his employee, just helping him out for free.

As long as you don't live in the same house as the person whose car you are borrowing, you don't need to be listed on their insurance policy. If you were to borrow your neighbor's car and wreck it, your neighbor's insurance policy would be the primary coverage for the accident, however you would get any points/surcharge if applicable in your state.

Now you are assuming your friend/neighbor has in force valid insurance. Generally only the named insured and resident spouse are covered under the named insured's policy.

Children and other residents may not be covered if they drive another's car. Far to many times they may drive a girlfriend's car, etc.