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Car Insurance for a Month for 18-Year-Olds

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
Licensed Auto Insurance Agenthttps://res.cloudinary.com/quotellc/image/upload/insurance-site-images/insproviders-live/ca745a12-daniel-walker.png

UPDATED: Mar 19, 2020

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The lowdown...
  • Anyone who is under the age of 19 will pay high-risk auto insurance rates because of their age
  • If you’re shopping for insurance at 18, it’s important to do a premium comparison to find the best rates
  • If you need insurance for only a month, you can buy a standard policy and then cancel it early
  • When you terminate an auto policy early, there is a chance that the carrier will charge you a termination fee
  • There is an alternative to buying a standard policy which would be to buy a temporary policy that lasts a month

Most teens look forward to the day that they will turn 18. After years of being told that you’re a minor, you can finally tell your parents you’re legally an adult.

You can buy a car, rent your own apartment, stay out late at night, and do as you please. It’s one of the milestone birthdays that you look forward to all throughout your youth but there are drawbacks to consider.

When you’re 18, your parents are no longer required to house you or pay your bills. If you’re lucky, you won’t have to take over all of your bills at once.

You’ll be left paying for all of your food, shelter costs, and transportation. If you have your own car, you’ll also need insurance. Compare quotes today to find the best rate for the coverage you need.

Here’s what you need to know about buying your own insurance for a month:

Can I get quotes for car insurance before I buy a car?

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If you’re about to buy a car or you’re thinking about taking out a loan, you should definitely get quotes for car insurance before you make any hasty decisions.

You may have saved all of your part-time paychecks to buy a car when you turn 18 but that doesn’t mean you have the income that you need to pay for insurance premiums.

It doesn’t matter how much you spend on a car, auto insurance premiums for 18-year-olds are going to be high.

You could buy a car that’s worth less than $1000 and still pay more than this for just basic insurance.

That’s why it’s crucial that you get quotes for insurance on various cars before you buy anything so that you can ensure that you have enough money to insure the car that you buy.

Why are insurance policies so expensive for 18-year-olds?

As you start to compare quotes online, it might make you shake your head in disbelief. You’ll definitely miss being on your parents’ insurance policy as soon as you see how much it’s going to cost you to buy insurance on your own with very little driving experience.

The reason for the high insurance costs is because of how little experience you have behind the wheel. When you’re inexperienced, you’re a risk to the insurance carrier. Your high risk is a fact that’s proven by statistics.

You may be a good driver who avoids accidents and obeys traffic laws, but data shows that drivers between 16 and 19 are the most dangerous drivers on the road.

If you’re going to buy a car, there’s no way to avoid buying insurance on it. By law, you have to maintain at least motor liability insurance in all but two states.

If the premiums are too expensive and there’s no way that you can swing them, you shouldn’t buy a car until you can. Your insurance status will be verified in real-time when your car is registered.

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What happens if you don’t have insurance on your car?

Failing to carry insurance on a car can land you in some serious trouble as soon as you become an adult. You can’t use the fact that you’re a minor as an excuse anymore when you’re 18.

You also don’t always have your parents to lean on because you’re not a dependent when you own your own property. If you don’t have insurance on your car, some penalties include:

  • Suspended tags
  • Citation for no insurance
  • Vehicle tow and impound at the scene of the citation
  • Fines and registration reinstatement fees
  • Requirement to file an SR-22 with the motor vehicle agency
  • Uninsured accident and court judgments against you for damages

Can you buy insurance for just a month?

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If you’re only going to own a vehicle for a month or you’re about to sell the car that your parents gifted you, you may want to purchase car insurance for just a month.

It is possible to buy coverage that lasts for a month but you’ll have to get a specialty policy. Before you consider this your only option, be aware of the alternative options.

Buy a Standard Policy and Cancel it Early

One option would be to buy a standard policy in your name and cancel it early. Standard insurance terms last for either six months or 12 months at a time.

These terms are how long your premiums will stay level before the company will check your record and accident history again.

Standard policies are fully underwritten. The agent will pull records to ensure they can see if you’re a risky driver before offering you a final rate quote.

Even though the term is good for six to 12 months, you have the option to cancel the policy early.

You can pay a month’s worth of premiums down, get coverage for the month, and then submit your cancellation request if you sell the car.

Is there a fee to cancel?

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There’s no way of saying whether or not you’ll have to pay a fee to cancel your policy. Some carriers charge a short-rate fee and others don’t.

Since you have intentions of canceling early, you should check to see if there’s a fee and how it is calculated. Sometimes it is fixed and sometimes it will be a percentage of the premiums you owe.

When you need insurance for a month you don’t want to be stuck paying the high policy premium you’ve been quoted for six whole months. The best option is to put a small amount down so you have coverage for the month.

You could buy a short-term policy, but when you’re 18, these premiums are exorbitant. Get quotes for coverage, see which auto insurer is priced right, and then make your down payment to bind the auto coverage right away. Enter your zip code below to begin.

References:
  1. https://www.thebalance.com/what-is-a-high-risk-driver-527253
  2. https://www.thebalance.com/can-i-cancel-car-insurance-anytime-527400
  3. https://www.irmi.com/online/insurance-glossary/terms/s/short-rate-cancellation.aspx
  4. http://www.360financialliteracy.org/Topics/Insurance/Cars-and-Auto-Insurance/Do-I-need-to-get-auto-insurance-before-I-buy-a-new-car
  5. http://www.forbes.com/sites/jimgorzelany/2014/09/23/the-staggering-cost-to-insure-a-teenage-driver/
  6. http://dor.mo.gov/drivers/insurinfo.php
  7. https://www.insuranceopedia.com/definition/1102/short-rate-cancellation
  8. https://www.thebalance.com/can-i-get-temporary-car-insurance-in-california-527034

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