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Discussion Starter #1
So my 23 yr old son graduated with a BA in May, had already starting working at his job part time and is now full time (Logistics coordinator for a large paving co.). He also has a 6 mo old baby with his longtime girlfriend. He made his first big boy purchase, a '15 F150 crewcab. He has one ticket for speeding 5 over which will be 3 yrs next month. His insurance quote is outrageous, $1200/6 mos. We live in Michigan, which has the highest rates in the country. I got a quote for it on my policy and it would be $735/yr!! $1600 savings!! Thinking about adding it to my policy, he is already listed as a driver on our policy. He would of course pay for it. I am probably going to cosign on his loan to help him get a better rate, so both our names will be on the title. Any insurance guys on here with any advice?
 

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Not an insurance person, just a fellow michigander paying these outrageous insurance rates. My folks did the same for me when I was a young man many years ago. I believe you'll be ok with both names on the title. The insurance may be a little higher that way, especially if he's listed as the principal driver but it won't be near as bad as if he got the insurance solely in his name. The bad thing is that any claims he has will raise your rates, but as soon as he turns 25 the insurance companies will finally consider him as an adult and he can get his own insurance at a discounted rate. It probably still won't be as low as yours unless he has multiple vehicles, a house, and a great credit score.

Insurance is a racket, especially in Michigan.
 

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The way you have described is a good way of doing it to save money if you don't mind the added liability to yourself. If your son is involved in an accident, and is at fault, and the other driver decides to, or has to sue, due to serious injury, their lawyer would be silly not to add you to the lawsuit. Just something to consider. You also need to be honest with your insurance company about the exact circumstances, for instance where the truck will be kept and driven.
 

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First of all, the car should be rated in the territory that it is garaged in. Single males always pay more than their single female counterparts until they are 50. Then, they get the married rate. However, the single male base rate does go down as they age. His next break comes at age 25. So many factors go into the rate. His Insurance Financial Score (derived from credit) is a huge one.


An auto policy is a household policy and extends to all members of the household. He was probably on your policy due to the fact he was in college and considered his your home as his non-college address. He really needs to have his own policy now if he does not live with you. Best way to lower the rate (without committing fraud) is to marry his girlfriend.



Tell your son welcome to the big boy world. It ain't always easy.
 

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I just added my 16 year old daughter to my insurance. Went from $800 every six months to $1440 for six months. Kid better be glad I sorta like her.
 

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Just tell the insurance company your son identifies as female and you want the female rates .
 

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My first car after college was a 79 T/A. Best insurance quote was $2400 a year in 1984. I ended up titling the car in my father's name to get a more reasonable rate. That was the only car I never got a ticket in.
 

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Discussion Starter #9
Thanks for the tips guys. He is taking the plunge today, getting the loan to pay me back. He will be 24 in Dec, so only 1.5 yrs and he will be on his own policy. I figured he has been on ours since he was 16, whats another 1.5 yrs?
 
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