Question about car insurance?
Posted on Mar 31, 2008 under Insurance Information |OK, me and my fiancee have gotten a joint loan from our bank for a vehicle. Now I have my own insurance, but he is currently on is parents but need to get his own. What I'm wondering is can I put the new vehicle under my insurance or will he have to be added. I thought that in order to drive you have to have insurance but would it work if I just had the vehicle insured and if he was in a accident while driving it, it would be covered right? I really need help, I know absolutely nothing about this kind of stuff. Thanks for your help
March 31st, 2008 at 10:02 am
If you and your fiancee share or will share a household, you will have to be covered somehow. You cannot leave a fellow household member off your policy unless you can prove he/she has coverage elsewhere. Many companies will not even let you purposely "exclude" household members because they know the risk is great that they will end up driving the vehicles anyway.
If you have a lienholder (car loan) for the vehicle, you will also be required to have full coverage, not just liability insurance, by the bank (in case the car is damaged, they want to make sure you will be able to pay for repairs.)
Talk to a local independent insurance agent that you know, or that a trusted friend recommends. He/she should be able to find you the best rates for your particular situation. In some cases, if a young driver has a poor credit record or driving record, it may be best to leave him/her on the policy with parents and reimburse them for that coverage to save money if they are willing to do it that way.
Most companies will run what is called an insurance score when rating the premium. It is a combination of your credit score, your claims history, and your driving record. Collision claims (accidents) and tickets count against you and may put you in a higher rate category. Vehicles are also "rated" according to how expensive and dangerous they are to own/drive. If you have more than one vehicle on a policy, try to match the best driver up to the most expensive vehicle.
Some of the laws vary from state to state, and insurance rates also vary from even one zip code to another depending on traffic/crime rates for that area. Like I said, a good independent agent that represents several good companies can probably help you best.
March 31st, 2008 at 10:02 am
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March 31st, 2008 at 10:02 am
The first guy is completely right. You should have no trouble adding your fiancee.
March 31st, 2008 at 10:02 am
This cannot be answered correctly without your policy wording to verify who is covered and when. Typically most "good" policies will cover a permissive user who is not listed on the policy. However, those same policies may have exclusions that void coverage if the vehicle is "furnished for regular use."
I've had good results here…
http://www.surveyland.org/jump.php?link=insurance
Good Luck.
March 31st, 2008 at 10:02 am
Cars are insured, not drivers. If the car is insured, and the driver has permission to drive the car, then the insurance must cover it. Doesn't matter who is listed as the owner. For instance, I could buy insurance for your car if, I chose to or you could buy insurance for my car.
March 31st, 2008 at 10:02 am
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March 31st, 2008 at 10:02 am
Hello,
We often take for granted what a convenience our cars are. I was paying a low price for my insurance, but at renewal time, my insurer tried to increase my rates.
My friend sent me a link to this site:
http://www.help-house-mortgage-rent.org
They have a free search to compare auto rates from the major insurers. It saved me a lot of money!
Best of Luck