6 Responses for "Is it beneficial to have all members of household under 1 car insurance policy?"

1. taylor lautner February 4th, 2010 at 3:42 am 1

   Best Answer – Chosen by Voters You should only expect an increase on your daughter's policy since she was the one at fault. There are several benefits of keeping everyone under the same policy until your children are married. For example, if you have a home policy with your current auto insurer, every auto policy should be receiving an auto/home discount. Your children would not be eligible for that elsewhere unless one of them is a homeowner. Also, if they each got their own policy, they would lose the multi-car discount that they're receiving since all these autos are listed together. Finally, most insurance companies now rate individuals based on their credit history. If credit scores are low, your children could expect to be paying higher premiums.Hope that helps! Source(s): Current ins. agent in auto & home

2. justin bieber February 4th, 2010 at 3:42 am 2

   Almost every carrier requires atleast all drivers in the household to be listed on the policy because they have "regular access" to the covered vehicles… Atleast they are almost to the age when the premiums will decrease. What I have been seeing is mainly a steady cost of insurance. We are in, what we call a "soft market" in Texas anyway… When we write policies, we include all drivers in the household on the policies and prefer to do all of the autos. As long as the kids are still in your home, technically you can be considered financially responsible for anything they do. I would recommend them getting their own policy for their vehicles and an apartment! Ha ha! Just teasing on the apartment… The girl is going to be fairly costly due to the "at-fault". Call an independent agent in your area and have them shop for you the different carriers they have available to give you an idea on the cost. Hopefully they are atleast paying you for their insurance! Source(s): Texas Independent Insurance Agent

3. Vanessa Hudgens February 4th, 2010 at 3:42 am 3

   Normally, they pair up the most expensive driver to insure with the most expensive car to insure, then second-most, etc., in order to determine rates. You probably could expect an increase in your premium when the new policy arrives, even if there had been no accident. Persons who are living in different households have to have their own policies – which brings up a point. You realize that as long as your adult kids are living with you, you're not likely to have any grandkids, right? Part of being an adult is acting like an adult, and forming adult relations with marriage as the objective….Ask your insurance agent if it makes sense to have one policy or multiple policies.

4. selena gomez February 4th, 2010 at 3:42 am 4

   With most insurance companies, they calculate the risk based on the ages and number of drivers living in the household whether or not they are on the same policy. By having everyone in the dwelling on the same policy, you can often qualify for multiple car discounts. Also, one person's good driving record can offset someone else's bad record.There is a possibility that you could see an increase in premiums due to your stepdaugters accident.Since your policy is up for renewal, you might want to start shopping around now and see if you can get a better rate. Use the online services as a good start…www.progressive.comwww.geico.com

5. taylor lautner February 4th, 2010 at 3:42 am 5

   Normally kids at age 23 or so are automatically taken off their parents policies. The benefit of everyone together is cost savings.The downfall could be if one member has an accident, the other guy may be able to sue not just the person whose fault it is, but others in the family.Hence, the purpose of an umbrella policy

6. lady gaga February 4th, 2010 at 3:42 am 6

   There's no one size fits all answer to this. You REALLY need to sit down and talk with your agent about it. Benefits of having everyone on one policy: Convenience of paying You can be sure the kids are insured, AND everyone has the same liability limits You get that "multi vehicle discount" on all the vehiclesDisadvantages of having everyone on one policy: One accident hurts the policy owner for three years, even if they aren't the driver There are additional coverages available to the NAMED INSURED that don't carry over to the listed operators (like, liability for rental cars) You don't get to pick which driver goes to which car – the insurance company does If one driver has a DUI, the whole policy gets cancelled, and the named insured will most likely end up on a high risk policy If there's a loss with the car, the named insured gets the check – not the owner, not the driver. And if the owner is one of the kids, and not the named insured, well, there is an arguement there that the insured has no insurable interest, and the company might wiggle out of paying.Regarding how the surcharge gets applied, it varies wildly by state – sometimes it will be applied to one car, sometimes to two, sometimes to all of them. Source(s): agent, 21+ years