Information about car insurance
I'm from New York and I want some information about car insurance. So my dad has liability insurance, he pays around $900 a year.instead of paying every month he pays it for the whole year at once… Every month that would be like i guess $75… Anyways i want to finance a car… I'm thinking about the honda accord sport either 2015 or 2016.i've seen some with 30-40k miles… Now can my dad list me under his insurance? If he does do i have to pay monthly for my own car? Or dad still pays the 900 a year… Or will i be required to get full coverage? I don't want full coverage… I can't afford full coverage at the moment. I can only afford the payment for the car every month which would be maybe 250 or 300… Can anyone help me out and tell me what i should do?
If you don't buy the car in full you will have to get a car loan and those require full coverage…
more cars mean more per year (expect it to double )
get a junk used car that you can pay outright
and use that until you get a good job
Whoever finances you owns the vehicle until its paid off and will require full coverage on it to protect their investment. The additional cost will show up on your dads bill if thats where you get the ins.
You can only be on your dad's insurance if you live at home with him. Also full coverage is required by almost all financing companies on newer cars.
If you finance a vehicle the lender will require full coverage for the duration of the loan. If you can't afford the insurance, don't finance a car.
If you can't afford full coverage, then you can't finance a car. Full coverage is an absolute requirement for any financing, no exceptions. If you aren't going to get full coverage, then the only way that you can get a car is to put down the entire price, all 100%, so that no financing is needed.
Except for (rare) "Fleet insurance", There's no such thing as adding a car to another cars policy. Each car must have its own completely separate policy.
You can have your Dad insure your car and he can use his present company but there will be no benefit if he properly lists you as the principal driver. The insurance premium will be the same as if you insured the car. If he lies to the insurance company about principal drivers, then any claim will be denied AND Dad and you could be charged with insurance fraud.
If you want to buy and finance a car, your state will require liability coverage and your lender will require (at least) collision and comprehensive coverage and YOU (not Dad) will have to buy the insurance. To do that under age 18, you will need a parents signature because people under age 18 can't enter into a contract.
Where do people get the idea that they can just simply be added to another cars policy?
Dream on but before you think about buying and insuring a car, sit down with an insurance person and learn the basics of Automobile insurance.
EACH car must be insured. So dad can add this vehicle to his insurance company and could get a "multi" car discount which might be about 10%.
When you buy a financed vehicle, then you must have collision and comprehensive to protect the lender till it is paid off, (plus) liability that is required by law. Yes dad's liability coverage is inexpensive, since odds are that you dad has a good driving record, but you are a young kid, thus (any) insurance is going to be much higher.
BEFORE you even consider buying a vehicle and since you know what type of vehicle you want, then I suggest you call your dad's insurance company and ask them how much will it cost to insure 2015 or 2016 Honda Accord that is being financed.
My guess is that you already know how much it would cost on the monthly car payments, but, once you find out the cost to insure it, my guess the insurance will be DOUBLE the car payments, thus you need to know (before) you consider buying a financed vehicle.
BTW, Honda Accords, does not matter what year they are will cost more to insure, since they are one of the highest of being stolen.
If you pay CASH and not finance a vehicle, then can get only liability, which won't be $900 a year like your dad, but maybe $2,500 or more due to you being young and inexperienced.
If you can't afford the insurance for the car you can't afford the car get a cheaper car or a better job
Where do people get the idea that they can just simply be added to another cars policy?
If you finance a car, the lender will require you to have full coverage. You having your own car, depending on your age and the type of car is going to cost more than 900 a year
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