insurance query

[nathanVS]

hey so. currently I have 3rd party under my own name, and obviously that costs a bit more for me because i'm a "high-risk" driver being male and on my red-p's.

my question is, am I actually helping myself with a rating or whatever by going under my own name now? or should I just get full comprehensive under my parents name for nearly the same price.

[ashbox]

some companies do let it go towards your rating but you are better off having full comp under your parents for 2 reasons

1- it will definantly help your rating

2- If your invovled in an accident (hopefully not) your car will be repaired/Written off and a pay out will come your way for the latter

[nathanVS]

cool. how will having full comp under my parents help MY rating? is that what your post said or have I mis-read?

[acarmody]

I would get the full comprehensive under parents, you can build a rating later, but if you have a crash now you lose your car.

Under my old comprehensive policy, even though it was under my parents name, because I was on the policy, I was accumulating a rating too.

[nathanVS]

heaps good. Ill look at cancelling my current setup and starting a new one under my parents, does the car need to regoed in their name too though? cos its in mine..

[minux]

You live in Vic, go with RACV under your olds name and nominate you as a driver.

They count the time on their policy towards when your on your own. Just remember though, to do this, the car must be registered in their name.

[nathanVS]

hmm ill ask our current insurance company about it, see if it needs to be reged in their name.

[wildss]

it will have to be in their name regardless of who the insurer is.

[nathanVS]

damn, wasted money on transfer fees.
but saved money on insurance and piece of mind.
win

[minux]

It is a win until they read this thread and see you have committed fraud by transferring a car into your parents name to get cheaper insurance from a car apparently your parents own.

[nathanVS]

eh? didn't know it was fraud. as far as anyone is concerned it is their car if it's regoed in their name.

[minux]

Your obtaining a service by deception. How isnt it fraud. It is your car, you are going to "transfer" it into your parents name so you can obtain a service for your vehicle at a cheaper rate.

Fraud doesn't get any more straight forward.

Most people I know, the parents buy the car, they rego the car and they put their son/daughter on the policy.

Edit: i should add, by all means go ahead with it, but just keep in the back of your mind that what your doing is cause for them to not pay up should they go snooping

[nathanVS]

hmmmm I never thought of that, because EVERYONE does it. thanks for the warning.

I may end up selling it yet, so ill insure the new car my parents name that way it will look less sus.

[Sabbath']

Why not just pay the full amount, and have the policy in your name. Instead of worrying about commiting fraud for a few hundred bucks a year?

[ashbox]

cool. how will having full comp under my parents help MY rating? is that what your post said or have I mis-read?

what minux said ( i forgot to add it in)

with you being nominated on the policy along with your parents , you will earn ratings.

If your that worried about the monetry side of things, maybe put your parents down as nominated drivers, it would bring the cost down a little bit but not by much

[gopher]

It is a win until they read this thread and see you have committed fraud by transferring a car into your parents name to get cheaper insurance from a car apparently your parents own.

yeah that's what they do everytime someone makes a claim.
they trawl through internet forums looking for a way out of paying

ask your parents insurer as some companies will start you on a lower rating in your name if your parents are insured with them
even having 3rd party should count

[HamaTime™]

You live in Vic, go with RACV under your olds name and nominate you as a driver.

They count the time on their policy towards when your on your own. Just remember though, to do this, the car must be registered in their name.

Aami do the same. However, there is a point that everyone misses about going under their parents names for their insurance. Every insurance company should ask you how much you drive the car, if you drive it say more than 10% (the standard insurance benchmark) then you will be classified as the 'full time' driver of the car, therefore you will not be getting the same 'cheap' premium as you would if your parents were the full time drivers (nominated, obviously they aren't). In the case of a claim, the insurance company might investigate how much you actually drive the car, and if they find out that you are actually the full driver of the car (rather than the 10% listed on your policy) then a subsequent claim could be refused.

In my opinion I would go under your own name and build your own rating. That's what I'm doing.

[And_ROOS]

Your obtaining a service by deception. How isnt it fraud. It is your car, you are going to "transfer" it into your parents name so you can obtain a service for your vehicle at a cheaper rate.

Fraud doesn't get any more straight forward.

Most people I know, the parents buy the car, they rego the car and they put their son/daughter on the policy.

Edit: i should add, by all means go ahead with it, but just keep in the back of your mind that what your doing is cause for them to not pay up should they go snooping

Yeah i would feel bad about it if RACV didn't treat me like complete and utter sh*t when i was the victim in an accident. So now im all for dogging them and ripping them off as much as possible.

[VesperZ]

Your obtaining a service by deception. How isnt it fraud. It is your car, you are going to "transfer" it into your parents name so you can obtain a service for your vehicle at a cheaper rate.

Fraud doesn't get any more straight forward.

Most people I know, the parents buy the car, they rego the car and they put their son/daughter on the policy.

Edit: i should add, by all means go ahead with it, but just keep in the back of your mind that what your doing is cause for them to not pay up should they go snooping

Well what's the difference? AAMI commits fraud everyday if your car gets damaged they send it to the cheapest repairer without giving you a choice of repairer, thus giving you back a dodgy repaired vehicle only to pocket the rest themselves.

[Amy aka boozey]

yeh i've not long got my red p's and had to go through the same decisions. im pretty sure no matter where you go you wont earn a rating unless the comprehensive insurance is in your own name. i ended up going with AAMI, best value i could find, and they give you a family dicount if your parents/grandparents are with them. worth checking out, i dont know about other insurance companies...but i saved nearly $400 on my annual premium and started on a rating 5 rather than rating 6

[greenfoam]

All this is a bullshit, my wife came to Australia and had to get her license, got P plates at age 22?? and pretty much when she turned 25 was rating one. it didn't matter at all about history of anything, you just ring up...... have you crashed no, got a fine no what age are you? 25? ok your rating one. I don't think personal history really comes into it at all. Your postcode defines how much you will pay more than anything else

[ClairBear]

In the case of a claim, the insurance company might investigate how much you actually drive the car, and if they find out that you are actually the full driver of the car (rather than the 10% listed on your policy) then a subsequent claim could be refused.
In my opinion I would go under your own name and build your own rating. That's what I'm doing.

Sensible advice. Insurance companies don't like paying up, what business does? The more they can save on claims the more profit they make. Therefore they get the slightest hint of something odd and they are onto it.

Years ago my then Father-In-Law decided to save a few bucks on insurance by declaring the car he used for work was purely private use, as the premium is higher for a work car. He had to make a claim against his policy and the Assessor noticed work related items scattered throughout the car. Of course my Father-In-Law swore black and blue he didn't use it for work when questioned. Anyway the Assessor turned up at his place of employment and casually asked the Receptionist if Fred Smith (not his real name) was around and to clarify said 'he is the guy who drives a white Mitsubishi Star Wagon? Of course the Receptionist said yes....... No, no claim for you.

[acarmody]

Sensible advice. Insurance companies don't like paying up, what business does? The more they can save on claims the more profit they make. Therefore they get the slightest hint of something odd and they are onto it.

Years ago my then Father-In-Law decided to save a few bucks on insurance by declaring the car he used for work was purely private use, as the premium is higher for a work car. He had to make a claim against his policy and the Assessor noticed work related items scattered throughout the car. Of course my Father-In-Law swore black and blue he didn't use it for work when questioned. Anyway the Assessor turned up at his place of employment and casually asked the Receptionist if Fred Smith (not his real name) was around and to clarify said 'he is the guy who drives a white Mitsubishi Star Wagon? Of course the Receptionist said yes....... No, no claim for you.

Ouch, that would of sucked to be him.

To the OP just get insurance under your own name. I have a modded VX V6 with comprehensive insurance with Just Cars, all mods declared. At 22 I have a rating 1, and only pay $970 a year, its not as expensive as you think. When I was 20 and got the policy, I was only paying $1150ish for the modded car.

[bezz]

Ouch, that would of sucked to be him.

To the OP just get insurance under your own name. I have a modded VX V6 with comprehensive insurance with Just Cars, all mods declared. At 22 I have a rating 1, and only pay $970 a year, its not as expensive as you think. When I was 20 and got the policy, I was only paying $1150ish for the modded car.

out of interest, how much is your excess?

[acarmody]

$400 standard excess, and $350 for 'Male driver aged 22-24". There used to be a modified car excess ($400) but it has disappeared, maybe because I'm now rating one or maybe Just Cars dropped it.