Car Insurance Costs
The average 24-year-old in NY paid $2,431.57 for car insurance last year. However, this will no way reflect how much you pay.
Having a lapse in coverage and an accident will likely cause a high increase in your premium. Once you've had insurance again for six months, without a lapse, your rates will start to get better.
It would really depend on your insurance and why you want your child to remain on your policy. If your child uses your vehicle regularly when he or she visits, speak to your insurance company about adding them as a non-resident driver.
If you're on your own policy without your parents, it's unlikely they would be sued if your coverage is exhausted after a car accident. Because you're considered an adult, regardless where you live, you would be sued if you were found liable - not them.
Coverage & Claims
It's important to consider the financial impact of filing the claim, regardless of his age. He will have to pay his deductible and our State of Insurance report shows an average increase of $830 in premium per year for an at fault accident in Connecticut.