Should I get state-minimum car insurance for my two teenage boys?

Both of my sons are teens who are pretty decent drivers (no accidents or tickets). I had them on full-coverage insurance, but their cars are only worth about $5,000 each. I want to cut costs overall. Should I just get rid of everything but the minimum liability?

Answer provided by
Eric Schad
Answered on Apr 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Full coverage (comprising liability, comprehensive, and collision) seems a bit much for vehicles that only cost $5,000. In this case, you can probably drop full coverage.
Use this opportunity to explain insurance coverage to your teens, and if they get into an accident because of their own negligence, guess what? They won’t have a car until they can buy a new one with their own money.
That said, if they get in an accident, you don’t want to be left holding the bill. Minimum liability insurance typically covers very little in terms of other people’s medical bills or property damage.
Instead of settling for minimum liability, you should consider getting a liability policy with coverage of 50/100/50, or even 100/300/100. It may only cost you a few extra dollars a month.”

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