For many young drivers in Ontario, staying on your parents’ auto insurance policy seems like the easiest—and cheapest—option. But while it might save money in the short term, it can hurt both your insurance record and your parents’ wallets in the long run.

At McGoey Insurance Brokerage, we’ve seen it time and again: adult drivers who stay on their parents’ policies too long, only to face problems later when they finally try to go out on their own. Here’s why getting your own insurance is the smarter move—and how to do it right.

You’re Not Building Your Own Insurance History

When you stay on your parents’ policy, you’re not establishing your own insurance history. That history is a big factor in determining your premiums down the road. Starting your own policy early helps you build a record of responsible driving and continuous coverage—two things that lead to better rates as you get older.

You Could Be Costing Your Parents Money

Every additional driver on a policy affects the total premium—and if you’re involved in an at-fault accident, it’s not just your driving record that takes a hit, it’s your parents’ policy that’s impacted. That could lead to higher premiums for them, even after you move out or get your own car.

Knowing Your Coverage Matters

Getting your own insurance gives you the opportunity to understand exactly what coverage you have—and why it matters. Many drivers focus only on the premium, but cheaper isn’t always better. Lower rates often mean lower coverage or higher deductibles, which could leave you unprotected in a serious accident. Having a policy in your own name helps you make informed decisions about your protection.

Our brokers at McGoey Insurance will walk you through your policy options, explain your coverage in plain English, and help you find a plan that fits both your budget and your needs.

Always Quote Before You Buy a New Vehicle

Thinking about buying a new car? Check the insurance premium before you sign the paperwork. Many people are surprised to learn that newer cars—especially luxury models or vehicles with high repair costs—can come with very high insurance premiums. Don’t make the mistake of buying a vehicle only to find out your monthly insurance bill is more than you can afford.

Call McGoey Insurance before you buy, and we’ll provide you with a quote so you can make an informed decision.

The Bottom Line

While staying on your parents’ insurance might feel convenient, taking control of your own policy is an important step toward financial independence and long-term savings. You’ll build your insurance history, learn what coverage you actually need, and avoid surprises when it comes to big purchases like a new car.

If you’re ready to explore your own insurance options, our local brokers at McGoey Insurance Brokerage are here to help. We offer personalized service, clear advice, and competitive quotes that make the transition easy.

Contact us today to get started—because real independence starts with your own insurance.