As a driver on your parents' insurance, you can purchase a car, motorcycle, or truck under your name and be on your own insurance plan. However, if you live with your parents and use the vehicles listed on their policy, you may need to be listed on their insurance as well. Insurance companies typically want every driver in a household to be listed on a car insurance policy. It's important to note that if you are not listed on your parents' policy and you get into an accident while driving one of their vehicles, you may not be covered by their insurance.
In most cases, staying on your parents' car insurance policy for as long as possible is the most affordable option, especially for new drivers. The average cost of car insurance for teen drivers is $176 per month for liability coverage and $353 per month for full coverage. However, if you move out of your parents' home or get married, you may need to take out a car insurance policy in your own name. In this case, it's important to shop around and compare rates from different insurance companies to find the best coverage at the most affordable price.