saving on auto insurance - teenagers
We accidentally found a way to save on car insurance. My stepson is 20 and in college, and we've had his 4 year old Saturn on our policy since he turned 18. They were charging about $2000 for the Saturn. The only other car on the policy was mine, as my husband has a company car.
Last summer, I decided to buy a used pickup for dump runs, hauling mulch, etc. We found a 15 year old Ford F150 for $1500, and added it to the policy. The truck alone would have been about $375 (no collision) but when we added it, the premium went DOWN by more than $600 for the three vehicles.
The insurance company assumed that my husband and I were driving my Audi and the Saturn, and that my stepson was driving the pickup, which had no collision coverage. They charged $1100 for the truck, but the Saturn went down enough to offset it and then some.
So, if you are going to have your kids on your policy for a couple of years or more, it might pay to buy and register a crappy car.