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      04-10-2014, 02:15 PM   #23
128Convertibleguy
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Read this again people. Some of the best advice I've seen given on this forum.

I personally witnessed a family friend payout $80,000 in cash (above what their insurance company had already negotiated and paid in terms of settlement) for their son injuring another driver in a rear end accident.

Had that kid been under his own policy, they wouldn't have gotten more than what the insurance company gave them. It sounds harsh, but if you have any assets worth anything, don't insure a 17 year old with a heavy foot under your own policy. Noooooo way.
1 million "umbrella" coverage for the parent might be the answer to that. Consult your agent/attorney. The price is very reasonable.

Anyone whose net worth exceeds their liability coverage needs the umbrella. The policy limit should exceed your net worth.
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      04-10-2014, 03:04 PM   #24
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1 million "umbrella" coverage for the parent might be the answer to that. Consult your agent/attorney. The price is very reasonable.

Anyone whose net worth exceeds their liability coverage needs the umbrella. The policy limit should exceed your net worth.
Yes for parents who have 16 year old drivers in the house who can't get their own insurance, yes an Umbrella is a great thing to have and cheap. It's a great thing to have even if you don't have new drivers.

But anyone who is insuring their 17-25 year old "kids" under their own policy is asking for trouble. One major accident and your rates jump for a very long time, or you could be canceled outright through no fault of your own. Driving is a privilege.Teach your kids some responsibility.
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      04-13-2014, 10:29 PM   #25
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EVERYONE! Thanks for your input! I had my friend read all the input from you guys! He's definitely going to consult a lawyer before he makes any moves. But I do know a lot of people who do stuff like this for cheaper insurance and they've been doing it for over 10-15 years now lol I just wanted input from other people, thats all
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