Would moving 19 year old child who is in college onto her own policy a smart move?
My husband and I are considering moving our 19 year old daughter onto her own policy. She is a responsible driver and has never had a ticket and the only accident she's had is a deer running into her car, which we did file a claim for. She is going away to college out of state and we would pay her premiums for her. We are considering this to minimize liability risks for us. We have worked hard for what we have and want to protect our assets. We know the premiums for her on her own would be more expensive than if she were on our policy, but we thought it would bring peace of mind that if something were to occur, we would not risk losing our property in a lawsuit. She basically would only own her car and that's it , so it wouldn't be likely that someone would come after her personal assets being that she really doesn't have any. Are we thinking this through correctly or would we still be liable since she's a college student and not financially independent? Are we still at the same level of risk? Thanks
Here is more useful information regarding teens and car insurance.
- How to find and handle car insurance for students