More specific (i.e. important insurance question)
Thread Starter
Instructor
Joined: Aug 2001
Posts: 129
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From: Millington Mi
More specific (i.e. important insurance question)
Ok I'm 20 years old (21 in 3 weeks!!!!!!)
Well I'm in the process of buying a 92 vette (maybe you've read my other posts - sorry for flooding by the way but I have quite a bit of initial information I'd like to know... I'll calm down here in a day or two
Anyways I've read that you can save a ton if you're clever about who "owns" the car.
The guy I bought from told me that if I insured the car under my Dad's name I would still be covered if something happened while I was driving. My Mom thinks I need to be listed as an occasional driver. Personally I question weather I can be listed on the title as owner and have my Dad listed as the driver (like the insurance company won't catch on!!)
From what I've priced full coverage for me is about 1,200 every 6 months if it's in my name and it's about 1/3 that if it's in my Dad's name.
I have educator insurance (my mom is a teacher) which is EXCELLENT so I have THAT going for me.
Anyone have any suggestions on how to tame the insurance companies so I can afford to DRIVE the car as well as own it?
Well I'm in the process of buying a 92 vette (maybe you've read my other posts - sorry for flooding by the way but I have quite a bit of initial information I'd like to know... I'll calm down here in a day or two
Anyways I've read that you can save a ton if you're clever about who "owns" the car.
The guy I bought from told me that if I insured the car under my Dad's name I would still be covered if something happened while I was driving. My Mom thinks I need to be listed as an occasional driver. Personally I question weather I can be listed on the title as owner and have my Dad listed as the driver (like the insurance company won't catch on!!)
From what I've priced full coverage for me is about 1,200 every 6 months if it's in my name and it's about 1/3 that if it's in my Dad's name.
I have educator insurance (my mom is a teacher) which is EXCELLENT so I have THAT going for me.
Anyone have any suggestions on how to tame the insurance companies so I can afford to DRIVE the car as well as own it?
Drifting
Joined: Jul 2001
Posts: 1,477
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Re: More specific (Bradley33)
I have state farm out here and if you try and trick them by not letting them know you will "occasionally" drive the car you will have your hands full if you need coverage for an accident. If you are the owner but not insured on the car it will be hard to explain. I have a 26 year old who no longer lives here (married and with kid) and a 14 year old girl who does. They always ask if i have any additional drivers in the home. When the 14 yr old is 16 I will have to tell them yes and my rates will go up. I can have her pay the difference for us and she will be able to drive any of our cars. SO i guess the short answer would be to have your father or mother's name on the title until you hit 25 then have them "sell" it to you later to transfer the title.
Any other options, guys?
Any other options, guys?
Le Mans Master
Joined: Mar 2001
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From: Life is just one big track event. Everything before and after is prep and warm-up and cool-down laps
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Re: More specific (Bradley33)
Yes, your dad needs to tell the insurance company which cars in the family fleet you will be driving. The rates for his insurance will go up accordingly, but will be less than if you owned the car and were listed as the primary driver.
When my son is old enough to tell the insurance company that he is driving it will depend on the rates as to wether or not he gets listed as being a driver of the vette. Right now my policy declaration for the vehicles strictly states "No youthfull drivers" which is OK with me for right now.
When my son is old enough to tell the insurance company that he is driving it will depend on the rates as to wether or not he gets listed as being a driver of the vette. Right now my policy declaration for the vehicles strictly states "No youthfull drivers" which is OK with me for right now.
Race Director
Joined: Jul 2000
Posts: 11,007
Likes: 1
From: Probably in the paint booth....
Re: More specific (Bradley33)
Something to think about. If you happen to be in an accident (your fault or not) & it goes to the ins. They will "flag" the policy. If you happen to have a second they are going to start asking SERIOUS questions (that you won't want to answer). If I were you I would check into getting a POS beater as a "daily driver" & list the Vette as an occasional on the policy. That way you are covered & haven't commited fraud. At least check into it. You may find the ins. cheaper with two cars, even if you only drive the vette & leave the POS in a field somewhere. Seen it work before.
Neal
Neal
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Joined: Mar 1999
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From: Life's tough, wear a helmet.
Re: More specific (Bradley33)
My take - and what I'll tell my kids: If you are man enough to buy the car then you are man enough to insure it yourself. Can't afford the insurance on a Vette? Buy a car that you can afford the insurance on.
Drifting
Joined: Jul 2001
Posts: 1,477
Likes: 0
Re: More specific (Automahn2)
I agree with the last two guys. That is why my son never drove the vette and I seriously doubt my daughter will go on the vette either. (now my last two kids might only because the second youngest won't drive for another 6 years and the last won't drive for 10 years.) the vette may be playing second fiddle to another newer 2011 vette by then. (man will i be old then :rolleyes: )
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