Children who use parent's car insurance getting older by ...

by Paul Mayer

A new report reveals that in an effort to save money at a time when finances are tight an increasing number of young adults are turning to their parents for financial assistance. One of the ways people are doing this is by registering themselves as the second named driver on their parent’s car insurance policies. The report by uSwitch.com, a popular price comparison website says that in just the last twelve months the average age of offspring registering themselves on their parent’s insurance has shot up from 25 years to 31 years of age.

Many young drivers will put themselves on their parent’s insurance policies to avoid paying the higher premiums which insurance companies insist that less experienced drivers pay. It is perfectly legal for a child to become a second named driver on their parent’s car insurance provided they are not the main driver of the vehicle. It is however illegal for a child to purchase and register a vehicle and then claim that one of their parents is the one who mainly drives it in order to save on insurance.

The new survey by uSwitch.com is one more example of how young adults are being supported by their parents further into their adult lives than they used to. Earlier this year figures were released that showed that around one million young adults between the ages of 18 and 21 had returned home to live with their parents because of financial pressures. More people were also putting off actually leaving home for the same reason.

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