Question: My son is about to get his learner’s permit. Do I need to let my insurance company know now, or should I wait until he has his full license? -S.R., Tampa
Answer: Contact your car insurance company as soon as your son gets his learner’s permit to make sure he’s covered, even though your premiums may not increase until he has his full license. But start thinking of ways to reduce the premiums when he does get his license. He can help by keeping his grades up to at least a B average and taking a driver’s education course. You can also designate him as a driver of an older car with only liability coverage, says Jeffrey Collignon, of USAA (opens in new tab). Meanwhile, consider raising the policy’s liability limits, increasing deductibles if the car has comprehensive and collision coverage, and adding an umbrella policy to protect your assets in case he injures somebody or damages another car.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of Kiplinger’s expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of Kiplinger’s expert advice - straight to your e-mail.
-
-
State "Stimulus Checks" Are a Thing in 2022 – Will You Get One?
To help counter high inflation, pandemic woes and other financial hardships, some states are sending tax rebate "stimulus" checks or other payments to residents.
-
How Young People Can Own Their Financial Future Authentically
It starts with trusting the process. The good news is Gen Zers and younger Millennials are on their way, a new study says.
-
Credit Report Error? They All Matter
credit & debt Don't dismiss a minor error. It could be the sign of something more serious.
-
529 Plans Aren’t Just for Kids
529 Plans You don’t have to be college-age to use the money tax-free, but there are stipulations.
-
When to Transfer Ownership of a Custodial Account
savings Before your child turns 18, you should check with your broker about the account's age of majority and termination.
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
-
When It Pays to Buy Travel Insurance
Travel Investing in travel insurance can help recover some costs when your vacation gets ruined by a natural disaster, medical emergency or other catastrophe.
-
What Travel Insurance Covers When Planes Are Grounded
Travel Your travel insurance might help with some costs if your trip was delayed because of the recent grounding of Boeing 737 Max planes.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
-
Paying for Continuing Education With a 529 Plan
529 Plans You don’t have to pursue a college degree to be able to use tax-free money from a 529 college-savings plan to pay for classes.
