Insuring a 17-and-a-half-year old's car

More
15 years 9 months ago #208271 by betenoir
If he's gone and brought the car off of his own bat then let him pay the insurance himself..or suffer the consequences of not being insured. Nothing like a financial wake up call to make 'young adults' start behaving like adults.

[SIGPIC][/SIGPIC] BAAAAAAAAA

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208290 by max2
do we really think anyone these days with no assets are going to have a 'wake up call"?

I don't mean this in bad spirits and as a general response, not directly pointed at your Son Giddyup or yourself, but your (NZ) bankrupcy laws have just changed so if someone doesn't have any assets over $40K they are "forgiven" after a year of the debt(s) and not formally bankrupted or recorded if they get themselves into financial trouble for the "first" time....[}:)] can you imagine all those people with fines stacked up just filing for "forgiveness" bankrupcy or whatever its called.

To my mind its another "lifeline" after Mum and Dad has bailed them out crikey knows how many times....

(but easy for me to say as a parent of a 10 yo).:rolleyes::rolleyes::rolleyes::(

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208299 by Simkin
Hi Giddyup,

I think compulsory third party insurance is long overdue - that would take care of your problem.

Our eldest has got his learner's licence now and as we have only one car - an old 3.8l Holden Commodore - we got insurance through AMI when he drives - excess is 2000 Dollars[:0].

I think my peace of mind is more important than a principle like 'if he can buy his own car he can pay for his own insurance'. We decided to pay for higher insurance premiums and get the benefit of having control of when the car is driven where.

I would get insurance for him in a case like yours and either make him work for it (we have lots to do for strong young lads :D ) or make him pay it off slowly.

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208311 by reggit

Simkin;182209 wrote: I think my peace of mind is more important than a principle like 'if he can buy his own car he can pay for his own insurance'. We decided to pay for higher insurance premiums and get the benefit of having control of when the car is driven where.
.


I'm still a bit confused about this...what do you mean about peace of mind? Unless you mean third party insurance so some other person doesn't miss out if he crashes into them...:rolleyes:

And how does it allow you to have control over when the car is driven where? The insurance will be in that person's name, not yours...and it will still be up to them where/when they drive...when they are not living at your home, and the car is not in your name, how can you specify this...and seriously expect it to be followed (unless your kid is ultra, ultra good [:I])?

Take a break...while I take care of your home, your block, your pets, your stock! [;)] PM me...

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208324 by The Kats Place
I used to worry like hell about them driving when they were that age. At least if you get them insurance you won't get the bill if they do have an accident. At what age are parents no longer liable for there childs expences? I thought it was 18, I may need correcting there.

Has he done a defensive driving course - for his safety rather than to save money on insurance.

kats
Live your life in such a way that it will be easy for people to say nice things at your funeral [;)]

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208331 by max2
Can I just clarify that compulsory 3rd party insurance isn't for property damage, its for personal damage (ie the other person's health and welbeing)...

So technically One could still run into a herd of expensive horses and not have insurance coverage even with 3rd party insurance...

(going on our aussie compulsory 3rd party insurance system that is build it with cost of rego of a car (green slip)).

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208332 by reggit
In an ideal world, compulsory third party would be for property damage as well...at least to a reasonable amount...

Might be different to what they are proposing in NZ swaggie as ACC here covers the health aspects regardless of insurance cover...

Take a break...while I take care of your home, your block, your pets, your stock! [;)] PM me...

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208343 by Pumpkingirl

swaggie;182243 wrote: Can I just clarify that compulsory 3rd party insurance isn't for property damage, its for personal damage (ie the other person's health and welbeing)...


Must be different here Swaggs!

Third Party Cover - if your vehicle accidentally damages someone else's property, third party cover will cover your liability for the damage to their property for which you are liable, but won't cover your own vehicle.

From www.westpac.co.nz - insurance cover

In your example, animals are considered property.

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208344 by max2
Ah, many thanks for that clarification! Crikey they (insurance companies) do things differently across the Tasman eh.

In our NSW case, (going a tad OT here) we have to have pink slip which is like a WOF but done once a year once the vehicle is over 3 years old, we have to pay for a green slip which is 3rd party personal property insurance (I haven't received mine yet but its usually around $300 - $400 for the year - correction I just received mine and its gone up to $A553.84[:0][:0]) and then we take both of those pieces of paper to the RTA and my rego (vehicle licence) for my 1995 Honda Accord is $A269.00 for this coming year.

Now I also have "bomb" 3rd party property insurance on my car which covers other cars or property should my car damage them, and I paid $A135.00 recently (approx) for that policy but it doesn't cover damage to my car.

My SOH's comprehensive insurance on his 2001 AU cab chassis ute is $A746.27 per year value $17,150 with no claims bonus of 65% ($A1199.94) and multi policy discount of $A108.59 and years of insurance discount of $A217.18. Phew - don't know why people think its cheaper to live over here).

Sorry Giddyup for going OT.

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208348 by Giddyup

Simkin;182209 wrote: Hi Giddyup,

I think my peace of mind is more important than a principle like 'if he can buy his own car he can pay for his own insurance'.


Exactly!

I'm only getting quotes etc for him, he has to contact them and set it in motion. I was going to put it under my policy, but he went and changed the ownership into his name, and you can't insure something you don't own.
He's going to pay for it himself now, but needs fortnightly payments.
I might try the bank however

15 acres, 9 horses, 7 sheep, 50 chickens, 1 jersey cow, 3 black cats, 1 border/beardie cross, 2 cockateils, several possums and....3 teenagers[}:)]

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208378 by Simkin

tigger;182222 wrote: I'm still a bit confused about this...what do you mean about peace of mind? Unless you mean third party insurance so some other person doesn't miss out if he crashes into them...:rolleyes:

And how does it allow you to have control over when the car is driven where? The insurance will be in that person's name, not yours...and it will still be up to them where/when they drive...when they are not living at your home, and the car is not in your name, how can you specify this...and seriously expect it to be followed (unless your kid is ultra, ultra good [:I])?

Hi Tigger,
well, the other person doesn't usually miss out - if you don't have insurance they take you to court and you're left with a bill to pay. Even a beneficiary will be asked to pay - but often they don't live long enough to pay it all off.

Second part: He drives our car and he has to ask each time. We have only one, there's five of us so it depends on the circumstances whether he'll be allowed to drive (and on whether he's been good :D ) Usually in the evening when we have tea together we talk about who has the car when the following day - but so far our son has only got a learner's licence so can't drive on his own.

If he had a car of his own then of course I wouldn't be able to tell him where to drive when. Not having a car of his own gives us parents some control. And yes - we pay the higher insurance premium. My parents did the same with me - and I think it was a good scheme (for me :D ). Having a car costs so much money and so far he was fine without - he doesn't need one of his own yet (that's what mum says, anyway).

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208386 by Kiwi303
only 1 car between 5 drivers? ouch...

I have 2. mum sold hers before coming down here and still hasn't gotten another, she just drives mine or has one of us drive her, while my sister totaled hers a couple of years back and has just used one of mine ever since. But it wasn't too uncommon up north for all three of us to be disappearing in 3 different directions at the same time, I don't know how you manage with 5 and one car.

You Live and Learn, or you don't Live Long -anon

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208418 by rob
Giddyup,
we have been through this with our son and he asked us if we would insure his car under our insurance. he got the big answer NO. we believe if he can go out and buy it, he can afford to insure it. this may seem harsh i know, but thank goodness we did not do it. i think a lot of young male adults seem to think, ah Mum will pay for it.
let him sort it out for himself, but always offer advice, after all that costs you nothing.

good luck

Rob

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208422 by Giddyup
I went through a place called Insurance Direct this afternoon. They will insure him 3rd party - gives him cover up to $1 million - in case he writes off a Ferrarri or kills a bus load of people etc..
It is $37 per month, which I reckon's not bad at all.
Now obviously I can't make him stick to it 100% as he is his own person, bugger it all, I can only advice him and try to help ot where possible.
At the end of the day, he's responsible. I'm taking him for his restricted test tomorrow.
We have the car up and running, warrant, regoed, etc etc.
But, if he breaches his restricted conditions, ie, carting the girlfriend around, driving after 10pm, then of course, insurance won't cover him.

The other side of the coin is, now he has a roadworthy LEGAL car, he has more independance and doesn't have to rely on mum to drive him around. He can come home for tea when he's too broke to buy food (three litre - V6 -think of petrol) and can look out for better jobs. (have wheels, will travel).

The down side for me is, 17-year-olds don't think. He will cart the girlfriend around, because hey - I won't get caught -
I just hope that I can influence him, but tonight's the night - he's coming home and we plan on sitting him down and telling him - this is the end of the road mate - you get yourself in the shit then you bail yourself out. We have helped you as far as we are able - and feel you need to stand on your own feet.

Wish me luck!

15 acres, 9 horses, 7 sheep, 50 chickens, 1 jersey cow, 3 black cats, 1 border/beardie cross, 2 cockateils, several possums and....3 teenagers[}:)]

Please Log in or Create an account to join the conversation.

More
15 years 9 months ago #208423 by reggit
Good luck, Giddyup, that is a nice manageable amount for the insurance per month :D

As you say, if he gets pinged for breaking licence conditions, it is his problem. Don't start me on parents who pay their kids fines off for them! [}:)]

I imagine if the car is a gas guzzler he'll feel it in the pocket pretty quickly [:0]

Take a break...while I take care of your home, your block, your pets, your stock! [;)] PM me...

Please Log in or Create an account to join the conversation.

Time to create page: 0.146 seconds