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For Those With Teens Who Drive

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  • Antares
    commented on 's reply
    Touché! Thanks Tim!

  • Tim
    replied
    I do believe the age 18 is a critical trigger point in virtually every state.
    The rest is situational. Without a court order, the child can do whatever they want. The question becomes are they still a dependent or independent. All the factors mentioned are measures of dependency.

    Leave a comment:


  • Tim
    commented on 's reply
    Someone may a YouTube video post about how ones mind has thoughts that can cause unnecessary stress. Been known for thousands of years. Meditation maybe?
    Watch you video.
    At 22 yrs old , you are a concerned parent.
    Not the responsible party.
    Much more likely in NYC is someone gets injured daily. It’s a busy place. Life has uninsurable risks.

  • Antares
    replied
    I stress over this issue with a 22 year old who owns no car, drives rarely, works, and lives apart. He is on my health insurance, and I still imagine the possibility of his or my liability for something. I’m sure the probability of this is low, but not zero. For example, he had a minor car accident at age 17 while driving his grandmother’s car. Two years later he was sued by the driver for various terrible injuries, despite the many Facebook photos of her enthusiastically playing volleyball on the beach and so forth. In the event, grandma’s auto insurance defended the suit, and ended up settling it for a negligible amount. My auto insurance refused to even take any information about it, as he wasn’t driving one of my insured vehicles.
    What is the point of this rambling story? That I stress over possible risks, my mind rambles, and I’m grateful for whatever psychological, if not financial, protection my umbrella policy offers.

    Leave a comment:


  • snowcanyon
    replied
    Honestly, the finances always seemed secondary to the actual risk of having teens drive, especially with America's lax DUI laws and minimal drivers ed.

    Leave a comment:


  • White.Beard.Doc
    replied
    Originally posted by AR View Post

    Were you claiming him as a dependent for income tax purposes?
    No, our income is too high to allow any dependent deductions.

    Leave a comment:


  • AR
    replied
    Originally posted by White.Beard.Doc View Post
    If the child

    1) owns their own vehicle
    2) has their own insurance policy
    3) resides separately from you, and
    4) is over 18,

    then you don’t have liability.

    Our son had accidents and we were under the threat of having our umbrella liability policy cancelled. Since our son qualified for all of the criteria above by having his official address for the insurance established at his university address, our umbrella policy was not cancelled.

    His auto insurance cost him almost $200/month, but actions and events have consequences. Consequences can offer as much education as paying tuition.
    Were you claiming him as a dependent for income tax purposes?

    Leave a comment:


  • White.Beard.Doc
    replied
    If the child

    1) owns their own vehicle
    2) has their own insurance policy
    3) resides separately from you, and
    4) is over 18,

    then you don’t have liability.

    Our son had accidents and we were under the threat of having our umbrella liability policy cancelled. Since our son qualified for all of the criteria above by having his official address for the insurance established at his university address, our umbrella policy was not cancelled.

    His auto insurance cost him almost $200/month, but actions and events have consequences. Consequences can offer as much education as paying tuition.

    Leave a comment:


  • Bmac
    replied
    I have a 16 yo that is now driving regularly. She is doing a good job so far. But I have to admit that this process has been far and away the most anxiety-provoking experience of parenting so far.

    Leave a comment:


  • jbmitt
    replied
    Originally posted by Lordosis View Post

    I understand what you are saying but I think there is a difference between a 16 year old who smashes your car into someone vs a 22 year old who smashes their car into someone.
    I think it is great advice to increase the coverage when you have new teen drivers but when is it safe to decrease it again?
    Once they are entirely independent and self sufficient. Otherwise a savvy attorney is looking for negligent entrustment. Essentially that you knew better than to allow the kid to do whatever happened.

    Leave a comment:


  • The White Coat Investor
    replied
    Can a 15 year old even own a car in your state? If not, I don't think you can be off the title, which means you can't remove liability until they turn 18, you give them the car, and you take your name off the title. It isn't about getting your name off the insurance policy, it's about getting your name off the car. Even if they can own it themselves, you probably will have to sign a consent, which again introduces liability. And even if it were their car and you didn't have to give consent, you're still liable for their actions.

    https://www.carinsurance.com/what-ag...n-own-car.aspx

    Leave a comment:


  • G
    commented on 's reply
    Reassuring comment, thank you!

  • Craigy
    replied
    Originally posted by Lordosis View Post

    I understand what you are saying but I think there is a difference between a 16 year old who smashes your car into someone vs a 22 year old who smashes their car into someone.
    I think it is great advice to increase the coverage when you have new teen drivers but when is it safe to decrease it again?
    Never.

    When you are a deep pocket, there is always someone who wants your money.

    Leave a comment:


  • jfoxcpacfp
    replied
    One acronym: PUP. Which stands for three words: Personal Umbrella Policy. This is the best deal you can get when you have teenagers. Or any other family members who might be tempted to text and drive...certainly not limited to teens.

    Leave a comment:


  • Lordosis
    commented on 's reply
    Good to know. I have a lot of years before it becomes an issue but I will keep it in mind
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