Question about Insurance Coverage?

Question

Does the insurance coverage change if you are under your parents policy and are listed as independent on tax forms? I am 20 years old and my parents are divorced but my mom still has to cover me on her insurance as long as I am a full-time student. Would it matter if I am dependent or independent when it comes to the cost?

Answer 1

Are you talking health insurance, or car insurance?  

For health insurance, yes, it CAN matter if you're a tax dependent or not. Not by cost, but by flat out if they're going to cover you.

For car insurance, it doesn't matter AT ALL.

Answer 2

I believe Dependent costs more because  you are a secondary member of the policy and thus, it is more of a risk for the insurance company. Independent means you are the only one covered and as long as you are of age and have a good record, you should get a cheaper price.

Answer 3

There is no difference in your insurance as you never report or submit your income tax refund information to your insurance company.  All insurance is going to care is if you live in the same house.  If you are than you are going to be rated on the policy.  Some insurers give discounts for good grades, however, other than that there really isn't any surcharges.