If your teenager recently got a driver’s license, you’ve likely noticed the sharp rise in car insurance premiums. Parents nationwide feel shocked by the high cost of adding kids to their plans. Teen drivers pose higher insurance risks because they are more likely to have accidents due to inexperience, distraction, risky behavior, speeding, not wearing seatbelts, or making poor decisions in high-pressure situations, especially when driving late at night. These teen dri
ver insurance risks make adequate coverage essential. When the New York Times recently reported on this issue, it contacted our very own Stephen Skinner for his thoughts on “alternatives” to putting your driving child on your insurance plan. Stephen’s response was clear: it’s not a good idea. Here’s how the Times told it:
If your teenager causes a serious car accident, your insurer might deny coverage, leaving you responsible for the costs. This could lead to significant expenses, from medical bills to legal fees. Additionally, Stephen Skinner, a lawyer based in Charles Town, W.Va., warns that disputes over insurance claims can lead to complex and drawn-out legal battles. Ignoring teen driver insurance risks can lead to serious financial and legal consequences, making it crucial to keep your policy accurate and up to date.
“The question then becomes whether the parents should take responsibility for their kids’ actions in a car they own,” he explained. “In most states, they most certainly are if they permit the car to be used.” This means the law could hold parents legally accountable for their child’s actions behind the wheel, even if they weren’t directly involved. Judgments laying siege to your assets, such as fines or legal claims, could follow, potentially leading to significant financial consequences.
We love that the paper of record turns to us for professional opinions!