My blog

He’s All Grown Up (And Has A Car!)

Had to share this!

Today was the big day – we gave our son a car. Not something super expensive, just something nice and practical for him to learn and use when he needs. I want him to see this as a responsibility rather than a gift though, so there’s two things he has to do before he can start driving it. Firstly, he needs to spend a bit of time with me learning some basic maintenance. Secondly, he needs to sit down with me and my wife and go through insurance policies.

My wife and I spent a bit of time discussing what to do about his insurance, and we came to a decision. We’re going to pay half of it, and he can pay half, but he has to help us decide which one to have so he understands the process of it, as well as what his policy actually covers. Finding who has the cheapest auto insurance is just one part of the battle, the next part is finding the right insurance.

He’s quite happily agreed to this – he doesn’t actually know all that much about how insurance works, so this seems like a good chance to give him a bit of a crash course. We’re going to look through a couple of the main differences with him. The main factors are monthly cost, deposit and deductible. Me and my wife have difference preferences here – I prefer paying a deposit upfront for a lower monthly cost, and she prefers very cheap car insurance, no deposit. My way tends to lead to lower deductibles but more money each month, and hers the opposite. Then again, she’s a much better driver than me!

We’re going to try to do our best not to bias him either way, so we’re going to just present the options, the differences and then get him to talk us through his thoughts. We’ve already agreed that if he does want to go for one with a deposit, we’ll pay half (but we’re not going to tell him that upfront), and if he doesn’t, we’ll put that amount of money aside for him in case of accidents.

There’s a slight chance that we’ve made a bet on whose way is better – so if he goes for very cheap car insurance with no deposit, I owe her and vice versa. Here’s hoping he goes my way!