In today’s economic climate, more adult children are either returning home to live with their parents or delaying their own journey into independent living. This is often a financially convenient situation and one that more families are becoming comfortable with. Yet, this does bring up an interesting dilemma: Should adult children be on your auto insurance policy? As your insurance representative at Versatile Insurance Planners serving San Antonio, TX, will tell you, the answer depends.

Should Adult Children Be On Your Auto Insurance Policy?

There are situations where you should have your adult child on your auto insurance policy and situations when it doesn’t make sense. If your adult child is living at home, whether they never left or they’ve returned, chances are they will be driving the family vehicle at least some of the time. You and your adult child will save money by adding them to your policy, even if you add their own vehicle to your family policy.

When an Adult Child Shouldn’t Be On Your Auto Policy

If your adult child is no longer living with you, has their own vehicle, and is financially independent, there’s no reason to add them to your policy. If they drive your vehicle while visiting and something happens, your own policy will cover it. In fact, some insurance companies actually insist that people with different residences have their own policies. You can discuss your circumstances with your insurance representative at Versatile Insurance Planners serving San Antonio, TX to learn the specifics in your case.

You may feel like you want to support your adult child a little longer by adding them to your auto insurance policy. And that’s fine, as long as they reside with you. Remember, you don’t have to add them if they already have their own policy. Contact us to learn more.