Question about car insurance?

[albert5268]

Hi all, can anyone tell me if it is possible to get a secured loan on a car in SA and keep your name on the rego, etc. but insure it under your parents name and have myself nominated as a driver? Otherwise i will just get an unsecured loan and pay the extra interest and save a bucket load on insurance instead.

Thanks for any help.

[PRH]

We tried a similar thing here with our daughters car,the insurance company said even if i insured it and made her the designated driver the cost would be the same,wot he suggested we do is for her to insure the car herself with third party fire and theft,after a few years she can get comprehensive insurance cheaper coz she will have a no claim rating.

Bear in mind her car is an old magna,but it is "her" magna not some loan companies.
Phillip

[1991_Vn2nV]

Hi all, can anyone tell me if it is possible to get a secured loan on a car in SA and keep your name on the rego, etc. but insure it under your parents name and have myself nominated as a driver? Otherwise i will just get an unsecured loan and pay the extra interest and save a bucket load on insurance instead.

Thanks for any help.

You may as well insure it yourself now man, you can't use your parents forever. Get a rating 1 for life and a no claim bonus.

With you as the nominated driver insurance will still be expensive anyway as it bumps the insurance up having a nominated driver under 25... Plus the excess will be quite large if you are involved in an accident, you'll be looking at $1300 excess with alot of companies.