Klisp

It's the 3rd day i own my TSX and now i'm running into trouble insuring the car. The deal is the car is "mine" but i had my mother in-law be the main buyer and me as the Co-signer. So that way my mother I-L could insure it and my insurance could be low. I did this becuase my drivers license record is alittle bad and i'm under 25. So now when my mother I-L trys to put insurance on the car the company says if i (the co-signer) don't have insurance by another company i have to be put on there policy no matter what. Then my mother I-L's will skyrocket and i will still have to pay alot for car insurance . What should I do to get around this if any ? F#@King NJ !!

tsx-mdxman

Sell the car and take the bus.

kurt_bradley

You can't get around it. By law, if a car has a lein against it, the parties that appear on the lein with the lender both also have to appear to be insured with full-coverage. One of the forms that you (both) signed when you purchased the car was an "agreement to provide insurance" or an ATPI for the term of the loan. No insurance company can just use one person off of the loan because they are obligated to cover their own liability. Sorry, you're going to have to take that hit on the premiums, basically.

Klisp

Thanks for the info kurt

kurt_bradley

No problem.

Ambient

kurt....I have a general question for ya.

I'm 23 and will be buying a TSX fairly soon. The loan and registration will be in my name. However, I'm currently on my parents auto policy. My current car is registered to my mother. Anyway, since the TSX will be in my name, will I need to have a seperate insurance policy in just my name? Or will the bank/finance co allow me to remain on my parent's policy as long as I am a named insured on the policy? I'm hoping that is the case because insurance will be a lot cheaper with all of our cars on the policy instead of just the TSX under my name. Thanks!

larchmont

In NY, you can't even take the car off the dealer's lot without having gotten insurance. I thought it was like that everywhere.

jozza

if you look at this from the pure economics of the insurance company's business you will see why many of these plans to "have your mum insure you" either don't work or don't pay when you make a claim.

if i run (or invest) in an insurance company, with all due respect, why would i take the risk of a 23 year old male (statistically a very bad risk) driving the car i insure in return for the premium of a 50+ year old woman with kids, house, mortgage, etc (ie a good risk).

yeah that sounds fantastic - can you let me know if any insurance company hooks you up like that (and pays a claim) and i will make a mental note to short their stock.

:-)

on a more pragmatic note - good luck with the TSX - by all accounts they are fantastic. and i sincerely hope you can swing a good deal on the insurance. i feel your pain - i used to ensure a ducati in Manhattan. :-(

A

kurt_bradley

I'm not sure if it varies in Michigan, but I think that you can just add the car to your parents policy as long as you're a driver on the policy. I know that it's okay to do that in Texas.

pending

The guy asks for advice and you tell him to sell his car and take the bus?

You are quite a clown, aren't you?

jlukja

Do we have a stalker on this board?

Klisp

LOL it's ok.. you get clowns now and then. He made me laugh when he said to take the bus.

tsx-mdxman

Though intended in jest, I meant if you can't afford to insure the car you want then perhaps you need to find an alternative means of transportation, one of which is taking the bus. Another is to find/own a car that is cheaper to operate. That may not be what you'd like to hear but it is good advice nonetheless.

pollofrito21

Yes you as the cosigner must have insurance. I really dont see why you are whining about it. Becuz being under your moms policy is STILL cheaper than having your own. If you had your own policy it would be astronomical. So just tell your mom to put you under hers and pay the difference.

I too live in jersey and this state wont allow a male under 25 to have a nice car. I am 22 and make a very good living (50K+). I wanted to get a new car this past summer. I called for a quote on a Lexus is300 to start and they quoted me at $4800 for the year! And I HAVE 0 points no accidents. Clean as can be driving record. I didnt even bother calling for the tsx after that. So even though i can afford a tsx/is300 i just cant justify paying almost 5G's a year in insurance just to pimp around in a hot car. So now im lookin at mazda3's and maybe the new scion tc. We'll see what happens.