insurance

[omar4578]

ok, so im 21, male, 2 speeding tickets and license suspended once all about 3 years ago...

Why the F&^% are my insurance quotes over $500 a month?! this is a bit too much

kind of sucks now that my payments on the car are $420 a month...

total almost a thousand a month just to have a camaro :(

here goes my question: I used my moms credit, and i cosigned.

the dealer said that the car had to have full coverage, which is fine, but does it have to be in my name too? or can it just be under my moms since she is the lead buyer?

This would greatly change that absurd 500 monthly price.

thanks

[Russo]

your mom can be the primary driver of the Camaro and you can be the primary driver of another vehicle on the policy.. that will reduce your rates

[RollaMo]

You really don't understand why your insurance rate is so high?

With your driving record, even if your not the primary driver your rates are going to be high.
Is the car titled in your name or your mom's name?

[omar4578]

Originally Posted by Russo

your mom can be the primary driver of the Camaro and you can be the primary driver of another vehicle on the policy.. that will reduce your rates

do i have to be on the insurance at all? i mean the car is insured, thats all that really matters right? or do i have to be on the car as well?

Originally Posted by RollaMo

You really don't understand why your insurance rate is so high?

With your driving record, even if your not the primary driver your rates are going to be high.
Is the car titled in your name or your mom's name?

both. but she is the buyer, and i am the co-buyer...

pretty much saying shes the owner and im the co-owner? idk

[jd10013]

Originally Posted by omar4578

ok, so im 21, male, 2 speeding tickets and license suspended once all about 3 years ago...

Why the F&^% are my insurance quotes over $500 a month?! this is a bit too much

kind of sucks now that my payments on the car are $420 a month...

total almost a thousand a month just to have a camaro :(

here goes my question: I used my moms credit, and i cosigned.

the dealer said that the car had to have full coverage, which is fine, but does it have to be in my name too? or can it just be under my moms since she is the lead buyer?

This would greatly change that absurd 500 monthly price.

thanks

whoevers name is on the loan isn't going to effect the insurance. it's all about who's going to drive it, and the record of that drivers. 3 tickets and a suspension before the tender age of 21 does that to you. in addition to that, your driving a sports car. insurance is all about risk, and in your case it's pretty high. it's why you don't see many kids driving around in new sports cars, and the overwhelming majority that are had those cars bought for them.

you never really said, but whats the insurance arrangement? are you on your moms policy or do you have your own?

[RollaMo]

Originally Posted by omar4578

do i have to be on the insurance at all? i mean the car is insured, thats all that really matters right? or do i have to be on the car as well?

If you want to be covered in the event of an accident, then yes.
It is more than just the car being insured. You are part of that equation also.

As mentioned, having your mom listed as the primary driver might help.
But if your doing that just to fool your insurance company then could be in for a big surprise one day.

[jd10013]

Originally Posted by omar4578

do i have to be on the insurance at all? i mean the car is insured, thats all that really matters right? or do i have to be on the car as well?

lol. you get in an accident and your not on the policy there's a good chance the insurance company will either not pay the claim, or pay it and then come after you in court for whatever they paid out. not to mention, get caught doing that and that $500 a month will seem very cheap compared to what you'll have to pay to get insurance in the future............if anybody will. that's viewed as fraud, and you can get blacklisted for that

[omar4578]

Originally Posted by jd10013

whoevers name is on the loan isn't going to effect the insurance. it's all about who's going to drive it, and the record of that drivers. 3 tickets and a suspension before the tender age of 21 does that to you. in addition to that, your driving a sports car. insurance is all about risk, and in your case it's pretty high. it's why you don't see many kids driving around in new sports cars, and the overwhelming majority that are had those cars bought for them.

you never really said, but whats the insurance arrangement? are you on your moms policy or do you have your own?

the car is brand new, never been insured....i had a 2005 mustang 3 years ago and i was never on the insurance. both my mom and i again were on the car title, but only she was on the insurance. im worried about a new car though

[GB EB]

I'd stay away from defrauding the insurance company.
Remember, if you lie, they don't have to pay your claim.

good luck.

[omar4578]

Originally Posted by jd10013

lol. you get in an accident and your not on the policy there's a good chance the insurance company will either not pay the claim, or pay it and then come after you in court for whatever they paid out. not to mention, get caught doing that and that $500 a month will seem very cheap compared to what you'll have to pay to get insurance in the future............if anybody will. that's viewed as fraud, and you can get blacklisted for that

whats my best plan then...its pretty ridiculous for 500 bucks, ill be more than happy to pay for 300, but 500 is just :(...

[Russo]

Originally Posted by omar4578

do i have to be on the insurance at all? i mean the car is insured, thats all that really matters right? or do i have to be on the car as well?

if you live at the same residence as your parents you have to explicitly be on the policy, there is no way around this other than what i mentioned above.. time to start putting in overtime at work!

[GB EB]

Originally Posted by omar4578

whats my best plan then...its pretty ridiculous for 500 bucks, ill be more than happy to pay for 300, but 500 is just :(...

pay cash for the car and only get the minimum required by law.

[jd10013]

Originally Posted by omar4578

whats my best plan then...its pretty ridiculous for 500 bucks, ill be more than happy to pay for 300, but 500 is just :(...

with all due respect, sounds like you bought something you can't afford. you only have two choices. pay the price of admission, or sell the car.

[jd10013]

Originally Posted by GB EB

pay cash for the car and only get the minimum required by law.

and then get sued personally when you do more damage than the state minimum coverage level. running around with 25-50k in insurance to cover medical bills, the other vehicle and god knows what else you might get sued for is just asking for trouble.