Will the insurance rates on my Toyota Corolla go up if I get my own policy instead of staying on my parents' policy?
I'm a 26-year-old first-time driver, but I've been on my parents' insurance since I took driving lessons. Currently, I have a Toyota Corolla. Is it cheaper for me to stay on their insurance or get my own?
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Answered on Apr 16, 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.
“Several factors go into deciding whether you should keep your name on your parents’ insurance. If you’re still living at home and you keep the Toyota Corolla at their address, you might find that your coverage is cheaper if you stay on their policy.
If you’re thinking of moving out, now’s the time to get your own policy. Because you’re over 25, you’re not considered high-risk anymore, which may result in lower rates.
As far as the cost goes, there’s no way of telling how much you’ll pay without shopping around. Typically, staying on your parents’ insurance is cheaper, but since you’re a bit older, getting your own policy may be an affordable option.
Use Jerry to get quotes from dozens of top providers and find a price and policy that meets your needs.”
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