INSANE Insurance Premium! Any way out?
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INSANE Insurance Premium! Any way out?
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From Toronto, Ontario, I am a 19 y/o male and want my own vehicle.
My parents have 2 cars under their policy and I'd like to buy my own car. If my car gets added to the policy the insurance company will charge $6000+ for coverage because I automatically get put as the primary driver for it.
What if my parents had 6 cars.. there must be some way out of this mess. And FYI, my driving record is clean.
The problem is, from what I know, if I am licensed and living at the same address, I will automatically be primary driver of the 3rd vehicle as now there are 3 drivers and 3 vehicles.
Additional Details
Sometimes I think people don't even read the question....
My own part of the policy is going to be 6000+ because they will treat me as the primary driver EVEN if the car title and insurance is under my parents' names.
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Willzville
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So don't add it to the policy.
You have 2 good options:
* Have your own car, your own policy - absolutely no link to your parents.
* Have your parents buy themselves a car and have you on the policy. You can then treat the car as your own.
Having insurance on 3 cars instead of 1 will be much more expensive than on 1 car even if you can only drive 1 at a time because you have to take into account stuff like theft.
Another great idea (which is what I do) is get my own policy on my own car which includes Third Party coverage against any car I drive (only costs 15% more). This way I pay for insurance for my car (a VW golf) and can drive my dads SL500. |
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Gambit
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There isn't much you can do. Three cars with three drivers means each has to be a principal operator on each vehicle. Insurance companies aren't idiots. They aren't going to accept that with three cars in the household that you're NOT going to drive one of them all of the time. However I'm assuming your parents are insured with a standard market. If you were to go out on your own I doubt you would be able to be insured with the same insurer and would have to go with a non-standard market, which means you'll be paying even more. The only thing that can be done is to remove collision and comprehensive coverage on the vehicle and be insured for liability only. |
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tb
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The cheapest way to go is put your car in your parents name. Ins. company thinks it's their car, and that should be cheaper than putting it in your name. |
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