Insurance Question..

[imhungry]

I'm in the process of purchasing a new (to me) car and I was wondering about how the title ties into insurance. I am currently under my father's insurance policy (to save money, of course) and my last car's title, although paid for and owned by me, was under my father's name just because it seemed like the convenient/smart thing to do at the time.

So basically my question is: Will I save money (insurance-wise) by having this new car's title in my father's name vs. my name?

If the difference is negligible, I'd rather save my dad the many hours of standing at the DMV to do the TTL. We're under State Farm, if that has any difference on general policy. Under our current policy, I was listed as being the driver of an old Accord, rather than the G35 that I was actually driving. We plan on using the same method to save money - I'll be listed as still driving the Accord but in reality, I will be driving whatever my next car is.

Thanks in advance for any insight.

 

[Zivic]

I'm in the process of purchasing a new (to me) car and I was wondering about how the title ties into insurance. I am currently under my father's insurance policy (to save money, of course) and my last car's title, although paid for and owned by me, was under my father's name just because it seemed like the convenient/smart thing to do at the time.

So basically my question is: Will I save money (insurance-wise) by having this new car's title in my father's name vs. my name?

If the difference is negligible, I'd rather save my dad the many hours of standing at the DMV to do the TTL. We're under State Farm, if that has any difference on general policy. Under our current policy, I was listed as being the driver of an old Accord, rather than the G35 that I was actually driving. We plan on using the same method to save money - I'll be listed as still driving the Accord but in reality, I will be driving whatever my next car is.

Thanks in advance for any insight.

You are kind of asking us how to commit insurance fraud....

with that out there -> insurance rates are based on a lot of different factors and is different for everyone. In general, yes, I would say the insurance would be cheaper in your father's name. The difference is likely considerable depending on your age, type of car, and your driving history.

I know when I was under 25 the rates were very high for me under my own policy. When 'living with my parents' @ 21 yrs old during college, the rates for my car were about 160/month.... moving out the same yr, and carrying the policy myself the rates upped to 280/month. Same driver, same driving history, same car. those rates stayed high till I was 25. I was married that same yr and my rates were more than cut in half at that time.

 

[Gibson486]

I did it during college. And before you say "OMG, Fraud...", the insurance company told me to do it. Saved me ALOT of money.

 

[MrWizzard]

Rules can be different in each state. So any answers you get on here could be wrong.

Your with Allstate which means you have a agent. Call the agent and do some what if questions. That's what you pay them for.

Also if something seems wrong write down, time, date and person you talked to. Some agents will do dishonest things to save client some money. WHICH YOU can get burned by, just because a agent says it does not make it the truth.

Find a honest agent you trust and you will be fine.

 

[T2urtle]

if you live in the same household it should not be any type of fraud. Any one listed as a driver can drive any car on that policy... said my state farm agent.

I dont know per say but i'll use my bike as info.

I'm a great driver in state farm eye's. they have their own ranking system which is like a credit score. I was told me being 25 i was one of the HIGHEST ranking ones they ever seen. I should of gotten the best rates. My bike cost me $400 all year to insure under my name alone. I asked if this was listed under my fathers name how much it would be and they told me about $250.