While you live with your parents and don’t own your own vehicle, you may remain on your parents’ auto policy. When you own your first car, insurance companies will require you to purchase your own insurance policy to avoid any potential legal confusion about who is responsible for its use and who legally owns the vehicle. When you turn 25 your premiums should change in your favor.
Some key coverages you will need:
- Liability coverage helps protect you financially for injuries and property damage to others that you are responsible for.
- Uninsured Motorist coverage helps provide protection for your injuries and damages caused by a hit-and-run driver or a driver who has no auto insurance.
- Underinsured Motorist coverage helps provide protection for your injuries and damages when the at-fault driver has insurance but not enough coverage to pay for your losses.
- If you have a car loan your lender will require you to have insurance coverage including comprehensive and collision.
- Personal Injury Protection (PIP) coverage is required by the state.
- Additional coverages types to consider:
- Collision coverage pays for damage caused by an accident.
- Comprehensive coverage pays for damage caused by hitting a deer, flood, fire, hail, theft, or other events listed in your policy.
- Medical payments if you are hurt, or a family member is hurt, in or by a car.
- Rental car or towing expense coverage, after an accident.
Learn more about Auto Insurance in Maryland
Renter’s insurance can provide Liability coverage that can help protect you financially from theft, property damage and injuries to others on your property (apartment). For example, you can be held responsible for the actions of a person that drinks in your home and then has an accident in your home or after they leave.
These are individual polices and only cover you and your possessions, not your roommate.
Learn more about Home Insurance in Maryland
If you are not on a group health insurance plan, then you need to enroll in an Individual or Family health plan. We help people do this on or off the Maryland Health Exchange.
If you are between employer group plans and need temporary health coverage, you can consider a Short Term health plan (aka Catastrophic Coverage health plans; these are not ACA compliant) but can provide a level of temporary coverage.
Learn more about Health Insurance in Maryland
Consider your options and make a choice based on your personal finances, health and your circumstances. The two main policy types to research first are Term life and Permanent whole life insurance.
Learn more about Life Insurance in Maryland