Welcome to Just Commodores, a site specifically designed for all people who share the same passion as yourself.

New Posts Contact us

Just Commodores Forum Community

It takes just a moment to join our fantastic community

Register

Cutting back on comprehensive insurance

rydogz

New Member
Joined
May 29, 2009
Messages
128
Reaction score
0
Points
0
Location
Central Coast
Members Ride
VY II SS
Hows it going guys looking at buying a VY SS soon but I am not keen on the paying $1800 for comprehensive insurance as I'm at uni and thats alot of money to me. A few people have suggested that I put the car in my dad's name and be a listed driver on his policy.

Doing this isn't new to me but this car will be financed in MY name which brings me to the main point: What can I do here?

I am assuming this cannot be done on a SECURED loan and want to know if it can be done by getting an UNSECURED loan in MY name, paying the stamp duty and rego transfer into DADS name and then insuring the car for comprehensive in DAD's name, with me as a listed driver.

Is this legal? The increased interest rate still works out cheaper than the yearly premium difference from online quotes I have looked at. I notice that the insurance company asks whether the car is financed I have got mixed answers from alot of people.

I understand there will be roughly an additional $400 excess for being under 25. For discussion purpose I am 22 with 1 accident 5 years ago:bang:

Any information is welcome, Cheers.
 

Robbo5390

New Member
Joined
Sep 25, 2008
Messages
37
Reaction score
0
Points
0
Members Ride
VY SV8
Hey mate,
I have done this, i am 19 on green p plates with no accidents.......yet :p.
Fortunately i didnt have to get my car financed, however i think as long as the cars registered owner is the same as the person who takes out the policy then there is no issues, If you were the registered owner and your dad took out the policy and then you had an accident, well you can see that would look suss. I am only payin like 450$$ for full comp on a vt commmodore so save me heaps of dosh. If you want to make modifications to the car though make sure your dad is the one to call them, i tried to lower mine and called as a listed driver and they said i could only lower it an inch front and back, my step dad called and they said 3 inches back and 2/12 front. Same with mags, sound system, exaust, and cold air intake, they told me they couldnt insure more than 33% of the cars value on aftermarket accesories but they said it was fine to my step dad.
 

alien

New Member
Joined
Nov 5, 2008
Messages
913
Reaction score
17
Points
0
Location
Tullamarine, Vic
Members Ride
03 VY Supercharged 3.8L
I'd say bite the bullet, last comprehensive insurance i paid was around the $4k mark i think. For me it was chepaer to be in my name with no listed drivers than in my mum's name with me as a listed driver. But my collision was also only 2 years ago now!
 

rydogz

New Member
Joined
May 29, 2009
Messages
128
Reaction score
0
Points
0
Location
Central Coast
Members Ride
VY II SS
Thanks robbo good to see accident free (touches wood) I think it should be all sweet as long as its UNSECURED finance because SECURED finance usually requires full comprehensive in your name. Do you think it would make much difference with both names on the rego? I looked at a quote with AAMI and they didnt even ask for 2nd drivers just has a extra $400 age excess.

Alien in this case that would be 20% of the value, That doesn't bother you?! $4k a year is massive.(keep in mind I work about 25hours a wk and the rest is uni)

Let me give you a few a few quotes:
Dad:nrma=$1200 me listed AAMI=$869 extra excess not listed Budgetdirect= $458 (alot of people said there repairs are up the sh1t though.

Me:Nrma= $1700 AAMI=$2800 bingle=$3400 (haha who would pay that) justcar= $1800

Call me tight but I am not in the business of giving money away. I am losing $375/yr in interest with unsecured vs secured but the insurance premium makes up for it.

A larger excess seems to apply whichever way you do it so i'll just have to cop that, this car is going to be like a first son so I don't plan on doing anything stupid in it but as we all know **** happens. I am currently not insured for my bomb cause it's a waste of money but doing that with a $20k car is a different story lol.

Any opinions welcome guys, Cheers.
 

alien

New Member
Joined
Nov 5, 2008
Messages
913
Reaction score
17
Points
0
Location
Tullamarine, Vic
Members Ride
03 VY Supercharged 3.8L
Alien in this case that would be 20% of the value, That doesn't bother you?! $4k a year is massive.(keep in mind I work about 25hours a wk and the rest is uni)
It's a higher percentage for me... well what i paid for it. Otherwise your right, it is around 20%. But that's the cheapest i could get it. I am a full time uni student as well, but i get a little better off with 2 jobs.

In the end though Insurance Companies will try to weasel their way out of every claim. They dont like paying up. IMO insurance policies arn't worth the piece of paper they're written on. But you need them :(

My best advice for Insurance would be going through an insurance broker. They deal with everythign and will find you the best deal. Also in the event of a claim they have more power than an individual as companies generally take notice that they have a large client base and if they dont pay up it may cost them more in future when the broker doesn't put any insurance through them.

If i was you though i would just run through online estimates and work out exactly what is cheapest first! EDIT: I just saw you did run them. Firstly BudgetDirect i wouldn't touch. AAMI what percentage driving are you listed as [if they still do that]? Same as NRMA? Just remember, they will try weasel their way out of paying in the event of a claim!
 

Slippy_Trippy

Unicorn Shepard
Joined
Jun 9, 2009
Messages
142
Reaction score
0
Points
0
Location
Melbourne, VIC
Members Ride
1999 VT II Commodore Acclaim
Mine was $1900 for first year through Budgetdirect. They then refused to insure me after 2 claim (1 at fault and 1 not) so I went to Justcar and got $1600 per year.

My first car since it was my Mum's (94 Mazda 626) was just me listed as a driver under parents name but after looking through it with new car decided didn't want to risk insurance not covering me for being "shifty". This way I get my rating up (well technically not but...) also.
 

coolvxss

New Member
Joined
Apr 29, 2006
Messages
718
Reaction score
3
Points
0
Location
canberra
Members Ride
5sp VN Executive1988, VX SS 6sp
Im looking at doing the same thing. I got approved to borrow 15 000 for a vx ss, but cps wont give my the money untill i have insurance. But its way to much to insure under my name, so wanted to somehow insure it under dads name, but still have the car in my name. Does anyone know how to make this work?
 

alien

New Member
Joined
Nov 5, 2008
Messages
913
Reaction score
17
Points
0
Location
Tullamarine, Vic
Members Ride
03 VY Supercharged 3.8L
Slippy_Trippy, just be careful with JustCars Insurance. I've heard lots of bad things about them. And they do Underwrite vehicles (insurance issued by AAMI).

A mate just has his VL rear ended about 3 or 4 months ago, Justcars paid him out but no where near what the vehicle was worth!
 

davway

New Member
Joined
Nov 11, 2003
Messages
495
Reaction score
11
Points
0
Location
Warrnambool
Members Ride
WK LS1 Statesman
if you cant afford the $1800pa full comp, you really have no business buying the car IMO.
as for your secured and unsecured, i really dont know.
i do know though that no matter what finance you get YOU must have full comp in YOUR name.
you also cant go changing the rego out of your name either - they stake an interest at Vicroads (or your states version) and they will know.
If this breaches your contract, they can demand payment in full and or repossess the car.
as for your current car not being worthwhile enough to have insurance - what are you going to do if you have an at fault accident and get handed a $10000 bill?
 

AirStrike

Well-Known Member
Joined
Jun 28, 2003
Messages
8,157
Reaction score
97
Points
48
Age
35
Location
Melbourne
Members Ride
91' VN SS
If you can't afford the insurance then you can't afford the car, simple really.
 
Top