Quote:
Originally Posted by 128Convertibleguy
1 million "umbrella" coverage for the parent might be the answer to that. Consult your agent/attorney. The price is very reasonable.
Anyone whose net worth exceeds their liability coverage needs the umbrella. The policy limit should exceed your net worth.
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Yes for parents who have 16 year old drivers in the house who can't get their own insurance, yes an Umbrella is a great thing to have and cheap. It's a great thing to have even if you don't have new drivers.
But anyone who is insuring their 17-25 year old "kids" under their own policy is asking for trouble. One major accident and your rates jump for a very long time, or you could be canceled outright through no fault of your own. Driving is a privilege.Teach your kids some responsibility.