Myths and facts about automobile insurance
You’re no doubt wondering what’s so urgent, thinking:
“I’ll be right there with him/her in the car, so I don't really need to make sure he’s insured.”
“My child will only be driving my vehicle once in a blue moon, so it shouldn’t change anything, insurance-wise.”
“My insurance coverage applies if I loan my car to a friend, so the same will be true in the case of my child.”
“I’ll add my child when my policy comes up for renewal, it’s not worth doing it now, since the contract ends in a few months.”
When you take out an insurance policy, not only must you disclose all of the details with a potential impact on risk, but you’re also required to notify the insurer of any change in the situation, which includes the addition of a new driver.
Should your child be involved in an accident before you have him added as a driver on your policy, the insurer could refuse to compensate your losses/damages, or limit any compensation according to the premium that should have been paid had your child been listed as a driver. Given the cost of vehicles nowadays, the financial risk doesn’t seem to be really worth it.
One of the elements taken into consideration by insurers when they evaluate the risk associated with a driver is the length of time (number of years) the latter has been driving. In other words, if your child has been included on your insurance policy for a number of years (and has a good driving record), he will constitute a lower risk - from an insurer’s perspective - when he gets his first vehicle. And as an added bonus, his insurance premiums will be lower.
In short, the best insurance you can get is having your child added to your policy, as a driver, before he even touches your car keys.
Digital proof of insurance.
However, not all insurers offer such proof, so we recommend that you ask around if this is something you are considering.
Regardless of the form of proof you choose, remember that every driver must have with him:
- his driver’s licence;
- his vehicle registration (green paper);
- the vehicle proof of insurance (paper or digital).
Drive safe!
