Students owning cars face the issue of keeping their car insured, as it is mandatory for any car owner in the US to carry insurance. Many students are listed as dependants in the insurance policies of their parents. However, some insurance companies insist on the removal of a student?s name from the parent?s policy, particularly, when the policyholder has signed a waiver of assurance that the student will not drive a vehicle. In such cases, the students face lapse in coverage, which in the long term can be an obstacle to getting car insurance. It is, therefore, imperative for students to have their own insurance policies.
Many insurance companies do not ensure students and the ones that do provide it quote high premiums. This is more so when the car owned by a student belongs to the category of classic cars, which are typically old and obsolete models. Some students prefer to buy classic cars due to their vintage value but find it difficult to pay for large insurance premiums on such cars.
However, there are some insurance companies that offer? third party only? insurance policies for classic cars at reasonable rates. Third party insurance covers students in the unfortunate event of an accident where someone is injured or killed. However, they are not compensated if the damage occurs to their own car. In this manner, students can be covered as a third party for other vehicles.
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