Sec. 3. (a) As used in this section, "policy of motor vehicle insurance" means an insurance policy that provides the kind of insurance described in Class 2(f) of IC 27-1-5-1.
(b) An individual who:
(1) is at least sixteen (16) years of age;
(2) is under the care and supervision of the department of child services; and
(3) obtains approval from the juvenile court with jurisdiction over the individual's placement;
may contract for a policy of motor vehicle insurance and exercise every right, privilege, and benefit provided by a policy of motor vehicle insurance.