Reader’s Question:

What coverages can be included in a cheap insurance policies for my college children’s cars?

Beverly

Austin TX

Each state has set its minimum requirements for vehicle insurance. In the state of Texas, you must have a minimum liability protection of $50,000 for bodily injuries while $25,000 for property damages. In order to get cheap insurance policies for your children’s cars, you can stick to a liability protection since that’s the minimum the law will allow. As you probably know, liability insurance can only protect you up to a limited degree. That is, it only covers damages to third party liabilities and nothing for the vehicles of your children.

Cheap insurance policies for vehicles can still contain other forms of coverages like collision/comprehensive and uninsured/underinsured motorists if your children can meet some conditions. They can get cheap insurance policies for vehicles if they get at least a B average on their report cards. Tell them to give their studies a lot of attention to at least lower their insurance rates. It will also help lower insurance rates if the car they are driving have safety features like having an air bag or a side bag. The cars should also be of the type that do not boast of speed. Fast cars are expensive to buy and expensive to insure.