As a young adult, having the freedom of a car is still a new thing. If you are buying another car and need to get auto insurance that you pay for yourself, you may soon find out that your rates are high. High insurance rates for young adults are typical, especially until they have proved themselves by having a number of good driving years under their belt. For this reason, it can be a good idea to get on an auto insurance policy with your grandparents. Here are three reasons to share a policy with grandma or grandpa.
Most grandparents have stable records
Grandparents have likely had their speed demon days well behind them by the time that their grandchildren learn how to drive. If your grandparents have had stable records with no tickets and no driving violations, they likely have lower cost auto insurance. Their years of good driving can help secure a good rate for the both of you. If you keep your own stable record, the auto insurance rates will decrease further once each auto policy term is up.
Both of you can save
Many grandparents to young adults are at or past retirement age. Many retirees are living on Social Security payments and on their retirement savings. Most people have a finite amount of resources during retirement and want to stretch out their dollars as much as possible. Young adults are also getting started in the working world and have fewer resources saved. Both of you being able to pay on the policy will allow you both to divide up a necessary responsibility and keep a little extra cash in your hands.
Your aging will help their prices as they age
If your grandparents remain drivers when they are older, their insurance may actually somewhat increase. This is because older drivers are a risky proposition due to changes in eyesight and change in reaction times as they get older. Fortunately, as they get towards an age where driving for them is risky, you will be getting to an age where your auto insurance rates are lower. This will allow you to help them in the way that they helped you while younger. You may even get to a position where you will be able to pay the entire auto policy as a thank you for everything that your grandparents did for you while you are younger.
For more information, contact local professionals like Woodmansee Insurance Inc.