If you have a college or university student packing up a family car to use as transportation at school, experts say there are a few insurance considerations to think about.
One might be to keep your teen on the family insurance policy so he or she has a continuous record of being an insured driver, which is important when it comes to costs.
Natalie Dupuis is a Senior Product Manager for RBC Insurance:
She says talking to your soon-to-be college student about the implications of lending a car to a friend--or borrowing a car--is important.
"Just to understand first of all that when you are lending your car to another driver, you are also lending them your insurance record and your good driving record, and you have to understand that it is more than just passing on the car keys."
Dupuis says any at-fault accidents your child's friend has with your car will drive up YOUR premiums, so it's a good idea to chat with your kids about that responsibility.
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