My daughter just bought a new (to her) car. She was at college in another state and will continue to live there. The car dealership guy gave her the number of a insurance broker and dealer thought insurance would be about $130/mo. Nope, broker said about $270/mo for the minimum coverages. I call my insurance company and found that if I became a co-owner on the car, her insurance (for better coverage) would be $110/mo. Plus, the car loan went under my credit score and dropped from 5.5% to 2.99%.
My daughter was fine with putting me on the title/loan/insurance (it was her decision because my father put my first car in his name and I hated it that I was paying on his car). Because the cars are in two different states, they are two separate policies but we get the benefits of having two policies with the same company. She actually pays less than I do and her car is a 2015 and mine is a 2002.
I don’t think this would be a consideration in the Thumper family at all for an undergrad taking a car…until maybe senior year. Simply put…what if this student decides to return to your home state for grad school?
In addition, college addresses have the potential to change every year. To get a drivers license in this state, you need to show you are a resident somehow…and a college dorm address isn’t going to do it.
With my policy we are allowed to drive any car. Since we have 4 cars on the policy I put the kids on the oldest cars even though they drive the newer cars (our agent told us to do that). In the state of NC there is no decrease for good grades or drop in insurance when the kids are away at school. It is the same price. Even though we bought the cars for the kids we put in our names only. Once they graduate it will be transferred to their names.
Both s’s had their cars at college. Car registered in our names, insured by us, but the rate was calculated in the state. the vehicle was in for more than (IIRC) 3 months. So the rate was based on the state each s. was in, with each s being listed, IIRC, as additional insured (or primary driver on those vehicles - I forget). The tricky part was older s stayed in his college town for the immersive after soph and junior years, so the car stayed in that state (but registered in out state). Our state requires an emissions inspection to get the registration/plate renewed every year, so he had to have the car serviced within 30 days of the renewal here, mail me the proof, and I had to take it to a special clearance air emissions office to get a form to take to the tag office. Was a bit of a hassle, but we did it (for 2 cycles).