Would this insurance coverage be suitable for my teenage son?
I’m a 62-year-old father and recently purchased a 2018 Nissan Rogue for my son, who is 17. I’m considering getting liability insurance with Uninsured/Underinsured Motorist Bodily Injury coverage for him, specifically with limits of 30k/60k. We live in Texas. I recognize that full coverage is the ideal choice, but the quotes I’ve received for that are around $500 a month. The insurance option I’m looking at now is approximately $256 a month. Would this coverage meet the necessary requirements and be a safe option for my son to drive the car?
It’s great that you’re looking into insurance options for your son! In Texas, the minimum liability coverage required is 30/60/25, which means $30,000 for bodily injury per person, $60,000 for bodily injury per accident, and $25,000 for property damage. Your proposed coverage of 30/60 plus uninsured/underinsured motorist coverage is technically compliant with state requirements.
However, there are a few considerations you might want to keep in mind:
Risk Assessment: While liability insurance meets legal requirements, it may not provide sufficient protection in the event of an accident, especially since teens can be more prone to accidents. If your son causes an accident, the liability coverage pays for the other party’s damages, but any damages exceeding your coverage limit would be your financial responsibility.
Cost of Repairs and Medical Bills: In the event of an accident, medical bills and car repairs can easily exceed the liability limits, putting you at risk of significant out-of-pocket costs.
Full Coverage Benefits: Although full coverage is more expensive, it offers protection for your son’s vehicle as well. This can be particularly important if the Nissan Rogue suffers damage from accidents, theft, or other incidents.
Consider Higher Limits: If your budget allows, you might want to consider increasing the liability limits to provide more protection. This would offer peace of mind while your son is driving.
Safety and Experience: Since he’s a new driver, additional insurance coverage might be worth considering for the added sense of security, both for him and for any passengers.
Ultimately, if the lower-cost option fits your budget, it can provide the basic legal coverage needed for your son to drive. Just be sure to weigh the risks and possible additional costs before making your final decision. You might also want to speak to an insurance agent for personalized advice that fits your specific situation.