As long as it is possible and legal, millennials should stay on their parents’ insurance. They have the advantage of piggybacking on credit, homeownership and multi-car discounts. Even if off to college, it is legal for them to have a permanent address at their parents’ home.
However, there does come a time when the discount is not worth it. Fudging the address and the numbers to save a few hundred dollars on insurance a year puts any serious claim in jeopardy. If an insurance company can figure out a way to deny a claim, like finding out someone isn’t living at the right address, it will use it.
Then the purpose of insurance in the first place is defeated. So, ask yourself: Is it worth it to save a few hundred dollars a year to possibly be out thousands if something were to happen? If interested in coming clean with your insurance situation, feel free to give us a call anytime with no judgments offered. Our agents would be happy to assist you.