All Insurance companies know that a licensed teenager will drive, Otherwise whats the point them of them having a drivers license? Your insurance contract requires that you disclose all licensed drivers that have access to your vehicle.
This is something that you may need to discuss with your insurance agent since I am not familiar with the laws of Florida.
Most companies will charge you for a teenage driver unless you and they sign a statement excluding them from the policy. This could present serious problems if they were driving someone else's car and were sued for some reason. This would place the entire family's assets at risk.
What if they were driving your car in an emergency and had an accident? Insurance for a teenager can be very expensive but so can not having insurance.
If you read your insurance contract under who is insured, you will find the wording allows for this teenage drive to be covered automatically. The insurance company has the absolute right to charge a premium for this risk. Most times insurance companies will not offer a Named Driver Exclusion for this type of driver. Let me give you an example. Let�s say your teenage driver takes the car out one time while no one is home or everyone is asleep to show off to his friend (I use to be a teenager once). While he�s driving his friends around a cop decides to pull him over. He�s not suppose to be driving the car, so being a thoughtful teenager, he realizes if he can just get home without anyone knowing everything will be fine. During this high speed chase this experienced driver losses control of the vehicle and slams into a utility pole. He and two of his friends are seriously injured, the third friend was on the passenger side that hit the pole so he�s dead. Fortunately, you have a Named Driver Exclusion on junior. Here is how it works: Insurance company is screwed. They have to pay, by law, up to $10,000 under the Personal Injury Protection (PIP or No-Fault) coverage for your son. This will cover a percentage of medical bills and a percentage of lost wages up to that limit. They also have to pay up to $10,000 under the property damage coverage to repair any damage done from hitting the pole. This can include actual damage to the utility pole, any cost to make repairs, and any loss incurred by the utility company for lost services. (yes, the exclusion does not apply to these minimal coverages, only any additional coverages on your policy) Friends parents are screwed. They are facing possible tens of thousands or even hundreds of thousands of dollars in medical bills for their kids. Your auto insurance could have paid under the Bodily Injury Liability coverage for these injuries but fortunately you excluded that coverage for this claim. The poor kid who died, his parents are distraught. Their child is dead and now they have to come up with a way to pay for his funeral. That�s just what they need, financial hardship along with a dead kid. You are screwed. You are liable for this accident. At best you will spend a long time in court and a lot of money on attorney�s fees to defend yourself for the injuries your teenager caused. Most likely you will lose. Unless you have a few hundred thousand laying around, you will pay for the rest of your life. The kids parents are screwed again because they have bills due now, not for the rest of your life. Now you and the other parents involved are going to try and sue the insurance company looking for a loophole to get them to pay even though they shouldn�t because they didn�t pay due to your request. They didn�t charge you for the insurance, they shouldn�t pay for it. Irregardless, they are screwed again because they have to defend themselves for a frivolous case in which they may not win if the jury is overly sympathetic to you and the other parents. Most likely your insurance company will not renew your policy because a driver had and accident while excluded from your policy. Good luck finding a new insurance company. I know teenage drivers are expensive to insure. I am sympathetic. However, I would just pay for the insurance rather than jump through a bunch of hoops to potentially screw everybody.
Yes, in most circumstances you would need the help of a lawyer to set up your company and get the legal documentation or licenses. For example, in Florida only an attorney licensed by the Florida Bar or an individual licensed as a Title Agent by the Florida Department of Insurance may act as an Authorized Signatory for an insurer.
There had been a company called National Standard Life Insurance Company that was located in Montgomery, Alabama. Its policies were reinsured by All States Life Insurance Company, which changed its name to Oil Industries Life Insurance Company, then to Businessmen;s Insurance Company, and then merged into Kentucky Central Life Insurance Company. The insurance business of Kentucky Central was taken over in 1995 by Jefferson-Pilot Life Insurance Company of Greensboro, NC. The Office of Financial Regulation in Tallahassee, Florida shows no insurer with that name as licensed to transact business in Florida.
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