Car Insurance
How I Got Off My Parents’ Car Insurance
I am a lucky girl. Throughout high school and college, my parents kept me on their car insurance policy. I was an expensive item to add! I kept the cost as low as possible by earning the good student discount, driving a 14-year-old Subaru, never having a speeding ticket and being born a girl. However, when my fiancé James and I were preparing to get married, one of the financial conversations we had was about the car insurance policy. My parents gave me the title to the car (they owned it) and it became my responsibility, my car … and my turn to get insurance. I set out to find a policy, and did all of my research online. I soon found out, however, that some of my pre-conceptions turned out to be misconceptions. Here’s what I learned along the way.
Where to Start? I looked online and compared premiums from three difference companies, which I will refer to as Insurance Co. A, which my parents have, as well as Insurance Co. B and Insurance Co. C. My preference was to stick with the familiar — my parents’ insurance company – but it turns out it was far beyond my budget. It was like the story of the Three Little Bears. Insurance Co. A cost too much. My parents have the advantage of bundling their policies (homeowners, etc.) and saving that way, in which case I recommend it. However, I’m not at that place in life where I need anything other than car insurance.
Which Option Is the Best Fit for Me? The rates offered by Insurance Co. B were affordable but I needed to investigate exactly what I was paying for or missing out on. plugged in my price to see what coverage options were available. Insurance Co. B’s most highly recommended package cost less than Insurance Co. A’s basic option. I didn’t feel comfortable enlisting in the most basic option because I don’t yet have a fully stocked emergency fund in case of a serious accident. So I compared the mid-range option at Insurance Co. B with what I could get from Insurance Co. C.
Can I Get Additional Discounts? It never hurts to ask for a discount. You might be surprised at what you’re offered. All things considered, I chose the Insurance Co. C “similar” (mid-range) policy, but was able to bring my cost down to $79.96 each month. After going into the office, my agent asked me about my qualifications for other discounts, which brought it down even further. For example, I have a diploma, which still qualifies me for a good student discount. It’s not paying off my debt, but hey, I’ll take a discount when I can get one.
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