What is your best advice to buy auto insurance for my 18-year-old who is buying a used car which will be paid off?
I do have my current auto policy with Geico for my financed vehicle and we also have a commercial vehicle insurance policy under our home address. What is your best advice to work this out without been impacted in our monthly car insurance payments?
The bad news is that car insurance for an 18-year-old on their own separate policy is incredibly expensive — over $3,400 more than the national average.
The good news? Typically, we see that combining insurance by adding your kid to your policy is the best route. Being on your policy can help drive your teen driver's premium down. I would inquire with GEICO to see how much extra it would cost in premium to add your 18-year-old, then perhaps shop around before the next policy period to see if you can get a better rate elsewhere. The Zebra can help you shop and compare rates from over a 100 companies.
If you have any questions, don't hesitate to ask.