Hey everyone, im a typical newbie with a question. Im 18, setting to buy my tc withtin the next month and i was wondering if i would be able to put the insurance in my parents names to save money. Or would that be trouble if i get pulled over by the cops, will i get in trouble?
Question about insurance
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From what i know you should be fine having your insurance under your parents name and have you listed as the secondary driver. If you were to ever get pulled over and such you would be fine as long as your LIVING with them under the same roof with the same addy. Now i have heard that if you have your insurance under them but do not live under the same roof, when you get into an accident or so forth your insurance won't cover you.
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did your parents co-sign with you?
then yes you can because both of you own the car.
did your parents buy the car for you
then yes you can but, they need to list you as the primary driver.
did you buy the car on your own?
then no, you would need to do this on your own.
that is what i believe to be true.
[.02]
now, my personal thoughts on this matter. you are a grown up person and you need to start to think about striking out on your own. paying ones insurance costs is just part of the game.
[/.02]
then yes you can because both of you own the car.
did your parents buy the car for you
then yes you can but, they need to list you as the primary driver.
did you buy the car on your own?
then no, you would need to do this on your own.
that is what i believe to be true.
[.02]
now, my personal thoughts on this matter. you are a grown up person and you need to start to think about striking out on your own. paying ones insurance costs is just part of the game.
[/.02]
Even if you bought the car on your own you can still have the insurance under your parents name. I did it when i was younger and it was fine. From what i have experience your parents do not need to be on title in order for them to get insurance under their name for you. You will have to be listed as a secondary driver for the insurance to be cheaper. I can tell you that being 18 and trying to get insurance on your own for that car will be CRaZY expensive! Especially if your a male!
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No wonder -- I've seen you guys drive!
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No comment on the male driver statement, same could be said for female drivers
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In my personal experience I've seen more serious accidents caused by women than by men
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Anyhow, back on-topic.
You can have your insurance filed under your parents name as long as you are a legal dependent of theirs. As soon as you are no longer a dependent it has to go under your own name... there are other ways to do this. I.e. USAA wouldn't let me have car insurance under my own name... so I got rental insurance from them and then car insurance (because I had proof that I was no longer a dependent, that's how I got out of it). Oddly enough, my insurance rates went down DRAMATICALLY when I went under my own name... from $300/mo to $200/mo. So keep in mind, just because it's your parents name doesn't mean you'll get good rates. (Mainly because my mom had been in three wrecks involving trains [don't ask], my brothers had been in several accidents, and all of them had gotten several tickets). Families usually follow the same driving habits
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Anyways, good luck with the purchase and car insurance! The main thing to watch out for are the gotchas that most people don't expect... tag & tax and then general maintenance costs. Most people don't expect how much they CAN run up to be (I am guilty of this myself, wasn't aware of how expensive ad valorem(sp?) tax was... and that it was recurring).
And congrats on being responsible and trying to strike out on your own! It speaks greatly of your character.
You can have your insurance filed under your parents name as long as you are a legal dependent of theirs. As soon as you are no longer a dependent it has to go under your own name... there are other ways to do this. I.e. USAA wouldn't let me have car insurance under my own name... so I got rental insurance from them and then car insurance (because I had proof that I was no longer a dependent, that's how I got out of it). Oddly enough, my insurance rates went down DRAMATICALLY when I went under my own name... from $300/mo to $200/mo. So keep in mind, just because it's your parents name doesn't mean you'll get good rates. (Mainly because my mom had been in three wrecks involving trains [don't ask], my brothers had been in several accidents, and all of them had gotten several tickets). Families usually follow the same driving habits
Anyways, good luck with the purchase and car insurance! The main thing to watch out for are the gotchas that most people don't expect... tag & tax and then general maintenance costs. Most people don't expect how much they CAN run up to be (I am guilty of this myself, wasn't aware of how expensive ad valorem(sp?) tax was... and that it was recurring).
And congrats on being responsible and trying to strike out on your own! It speaks greatly of your character.
haha well i absolutely agree! but i am just speaking from what I was informed by insurance agents as well our michigan gov. site. Of course i don't agree that male drivers are worst drivers but in "their records" males drive are more reckless thats why it is more expensive for a male. But at the end of the day GOOD LUCK!!Originally posted by Obike@Oct 17 2005, 11:17 AM
No comment on the male driver statement, same could be said for female driversIn my personal experience I've seen more serious accidents caused by women than by men![]()
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When I was shopping around for insurance one agent I spoke to explained to me how the rates are skewed. They found that women ultimately cause more accidents than men. However, the reason why mens rates are higher than womens (for an equivalent driving history) is because that men (per incident) usually have a higher damage estimate than women. I don't know how true this is thoughOriginally posted by Surge337+Oct 17 2005, 01:15 PM-->QUOTE (Surge337 @ Oct 17 2005, 01:15 PM)haha well i absolutely agree! but i am just speaking from what I was informed by insurance agents as well our michigan gov. site. Of course i don't agree that male drivers are worst drivers but in "their records" males drive are more reckless thats why it is more expensive for a male. But at the end of the day GOOD LUCK!! [/b]@Oct 17 2005, 11:17 AM
No comment on the male driver statement, same could be said for female driversIn my personal experience I've seen more serious accidents caused by women than by men![]()
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thanks guys, thats true im my own man and should pay the insurance myself, but im not sure if i can pay that much yet. Im a full time student, and work 25-30 hrs a week so i would love to save as much as possible. Ive been dying to buy the tc and finally have enough saved to put my downpayment, so either way, im looking forward to having my own like most of you guys
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Insurance sux... trust me i work in the business. Its way over-priced... but its gotta be one of the best things to sell... as long as the law keeps on require'N it... business will stay BoOOom'N for me =).
~Aaron~
~Aaron~
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Way overpriced? You must work for Geico or something... USAA is far from overpriced (it's actually how I got Geico to quit calling me... said if they could take 15% or more off of my USAA insurance I'd switch no questions asked... they have yet to call me back
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However, for those unfortunate enough to not be able to take advantage of USAA... insurance is quite overpriced.
However, for those unfortunate enough to not be able to take advantage of USAA... insurance is quite overpriced.
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hahah Geico.. their commercials are funny as hell.. but the thing is their insurance is funny.. AIG offered me 675/6 months.. for the same coverage.. geico wanted to offer me 950/6 months.. they are a joke~ i think they're trying to get paid for the funny commercials.. =D
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