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For young drivers who are facing very high insurance premiums for covering their motorcycles, there is the option to put motorcycle insurance under their parents’ name. But is this way worth it? Are there any disadvantages to doing this? This article tells you all you need to know about motorcycle insurance under your father or mother’s name.

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Why Put Motorcycle Insurance Under the Name of the Parents?

This is actually a common tactic that is used to help younger drivers afford coverage for their motorcycles. Generally speaking, the coverage is bundled with the parent which results in a lower rate that needs to be paid. There are certain conditions that need to be met before this type of bundling can take place.

Bundling is a very common and popular way to get discounts from insurers. Click here to learn more discount options here for motorcycle coverage.

Each insurance company has its own rules and regulations when it comes to bundling different policies especially if you are trying to combine new motorcycle insurance with current automotive coverage. However, if the parents already have motorcycle coverage then adding their child shouldn’t be too much of an issue.

The insurance company will gather all the information and then provide a rate that combines the parents with the child taking into account their motorcycle coverage. The insurance company will then provide verification and a card for the child that shows they are covered.

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Getting Motorcycle Insurance under Parents Name or Policy can Save Money for Young Drivers

Pros and Cons of Putting Insurance under a Parent’s Name:

There are a number of benefits as well as a few disadvantages when it comes to being on your parent’s insurance policy.

Lower & Easier Payments: Not only will your premiums be lower, but the payment plan that the insurance company establishes will also make it easy to pay. This means that all the payments will be combined into one which makes it simple for everyone.

Savings for Parents: It’s possible that adding your insurance with your parents’ plan may actually save them money if they were planning on helping to pay for your coverage. Talk to them about adding your motorcycle insurance and have them discuss it with their agent.

Added Discounts: Because you receive the benefits of lower payments, your plan will also qualify for the discounts that are enjoyed by your parents. This means that you may pay an even lower amount if they qualify for a homeowner’s discount, good credit, and the like.

Of course, the biggest drawback to adding your motorcycle insurance is that it will raise the overall premiums that your parents will have to pay even if you pay your own share. However, the bump maybe just a small one for them which will get lower if you build up a good driving record. (read here the other determining factors)

Buying Your Own Insurance:

At some point, you will no longer be eligible to be on your parent’s insurance policy so when the time gets close you will want to search out one of your own. There are good reasons why you should eventually get your own policy;

  • Choose Your Own Insurer
  • Customize Your Coverage
  • Earn Discounts
  • Get Better Payment Options
  • Becoming Independent

Getting motorcycle insurance under parents’ names is a good way to save on premiums for young drivers who are just starting out. Over time, you may find that getting your own insurance will be the better choice as you establish your own driving record.

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