£2,100 Third Party on 1.1 Golf !!!

[marc777]

An 18 year old employee has a 17 year old VW Golf as a first car - 1100cc

Cost £400. nsurance Third Party is £2,100. Car is oroginal no modifications.

I just don't believe half the kids we see in modified Corsa etc are insured.

Its outrageous.

Rant over.

Marc

 

[pammy]

An 18 year old employee has a 17 year old VW Golf as a first car - 1100cc

Cost £400. nsurance Third Party is £2,100. Car is oroginal no modifications.

I just don't believe half the kids we see in modified Corsa etc are insured.

Its outrageous.

Rant over.

Marc

I agree trying to find a suitable car that isn't going to be stupid on the insurance front for my daughter. I don't know how they do it - not legally anyway.

 

[GrahamC230K]

He has either picked up some motoring convictions already, lives in the slums or has chosen the wrong insurance company - as simple as that. I could make a few calls and get a £5K premium for me on my car - doesn't mean it's the going rate.

 

[Madferrit]

I know a few people who have got these modded cars.. and they've insured those in their parents names.. with themselves as additional drivers. Whilst on the side, getting an old banger (something thats worth the scrap heap), that will not be driven at all, and they'll get that insured on their own name.

Naturally the car that is in their name will never have an accident, as its never driven and with them being an additional driver, with a vehicle of their own, they end up paying less on the car that they actually want to drive!

There is more to this, but can't disclose it here. PM me if interested.

 

[Thmsshaun]

As silly as it seems if you have the money a brand new car, KA, Fiesta, Micra etc will probably be a lot cheaper to insure.

Or the alternative is for the first year for you to be the policy holder and have your daughter as a named drive. I did that for the first year and in the long run I wouldnt say it effects you too much.


Just to add some more :

A friends brother is 18. Got a C reg Micra. £100. Hardly any insurance companies would touch him and the best quote was around £1800 Third Party. In the end he had to have it in his mums name. I dont think so much of it is the likelyhood to have an accident than the ability to blatently rip off young drivers.

 

[imadoofus]

I know a few people who have got these modded cars.. and they've insured those in their parents names.. with themselves as additional drivers.

Or the alternative is for the first year for you to be the policy holder and have your daughter as a named drive. I did that for the first year and in the long run I wouldnt say it effects you too much.

I know of one situation where the above was done, accident duly had, and insurance refused to pay out. Why? The policy holder never drove the car, and the additional named driver was in fact the only driver!

I don't know how they found this out; prolly because the policy holder also had another car insured in their name too.

Be warned.... If an insurance company can find any excuse to refuse to pay out, they will

PJ

Chap I worked with years ago bought a brand spanking new car. Collected it at lunchtime, it had been nicked by 3pm. Insurance co refused to pay out, as they said it was a scam, and the dealer must have been in on it!

 

[Benzowner]

I sympathise, I have already gone through this with my two kids. The reason for the huge premium is that most, if not all, 17 to 21 year olds will have an accident. They are one of the highest if not the highest risk for the insurance companies and load the premiums accordingly. The problem with having them on their parents insurance as a named driver, is that the parents premiums will rocket. The parent will also have to insure the second car with no no claims bonus, as an additional car, you will not be entitled to any no claims bonus. It is not just a case of adding them with no additional premium. The other problem is also that the child will not be credited with any no claims bonus of their own, and when he or she decides to do their own insurance, their premiums will be loaded, maybe not as much as if they were a 17 year old but loeded non the less. Now you need to work out, initial premium £2100, after one year probably 40% discount down to £1260, second year 50% down to £1050 and so on. Put child on parents insurance, I would guess that the premium would not be too much less than £2000. The same no claims discounts would apply, but as the insurance is in the parents name, the no claims would apply to them not the named driver. The financial side needs to be worked out.

 

[Alfie]

Take a look at this post;

http://www.mbclub.co.uk/forums/showpost.php?p=159074&postcount=66

It might be just what you are looking for!

 

[Thmsshaun]

I sympathise, I have already gone through this with my two kids. The reason for the huge premium is that most, if not all, 17 to 21 year olds will have an accident. They are one of the highest if not the highest risk for the insurance companies and load the premiums accordingly. The problem with having them on their parents insurance as a named driver, is that the parents premiums will rocket. The parent will also have to insure the second car with no no claims bonus, as an additional car, you will not be entitled to any no claims bonus. It is not just a case of adding them with no additional premium. The other problem is also that the child will not be credited with any no claims bonus of their own, and when he or she decides to do their own insurance, their premiums will be loaded, maybe not as much as if they were a 17 year old but loeded non the less. Now you need to work out, initial premium £2100, after one year probably 40% discount down to £1260, second year 50% down to £1050 and so on. Put child on parents insurance, I would guess that the premium would not be too much less than £2000. The same no claims discounts would apply, but as the insurance is in the parents name, the no claims would apply to them not the named driver. The financial side needs to be worked out.

Depending on the car going on your parent policy can reduce and does reduce by more than half even though they are starting without any no claim bonus.

It is crazy but then that is car insurance.

Example B reg metro when I was 17. £230 me on my dads name
E reg 2.0 Montego @ 17 £550 on my mums policy
Increased to £1100 TPFP when I turned 18 on my own policy.
My Firiends brothers Micra I mentioned Below £500 In his mums name. It is no wonder people do it when there is that much to be saved.

AS for the insurance company not paying out they can only get out of it if the car is registered in the named drivers name. The policy holder has to be the registered keeper.

 

[Shude]

AS for the insurance company not paying out they can only get out of it if the car is registered in the named drivers name. The policy holder has to be the registered keeper.

That is only true if it is stated on the policy!

A friend of mine was the policy holder for his parents car, he didn't own the car and wasn't even listed as being allowed to drive it. He got 3 or 4 years no-claims from that policy and it was a bargain because his parents were the only drivers and they were well into their 50s. When he bought his own car he altered the policy to his new car and his parents started a new policy for themselves. Worked out very well

 

[Howard]

My parents have three cars , including 'the whale' , with dad as the registered owner/keeper of them all.

However on my policy it states that while M.A. Miatt is the Keeper, H.R. Miatt is the MAIN driver.......

Also allows me to build my no claims for when i do eventually get round to insuring it in my name, probably when i take dads CLK 430 off him in a couple of years......

Has worked well, no problems in the past...

 

[fuzzer]

An 18 year old employee has a 17 year old VW Golf as a first car - 1100cc

Cost £400. nsurance Third Party is £2,100. Car is oroginal no modifications.

I just don't believe half the kids we see in modified Corsa etc are insured.

Its outrageous.

Rant over.

Marc

Nothing comes close to my £6500 for the C180 auto when i started driving at 17

 

[SilverSaloon]

my 1st car bought for £1000, 1 day after passing my test at 17, insurance was £700 TPFT in my own name.

1.0 D Reg Mini.

That was 7 or 8 years ago now tho

 

[Shude]

Also allows me to build my no claims for when i do eventually get round to insuring it in my name, probably when i take dads CLK 430 off him in a couple of years......

You are not the policy holder though are you? The NCD belongs to the policy/policy holder, therefore you are building up precisely zero no claims. At least that's how my feeble brain worked it out

 

[Robby]

He got ripped off.

My first car was 1995 1.6 escort, 2 years ago when I was 18. Insurance was £900 tpft in my name with no additional drivers. No NCB.

 

[Howard]

You are not the policy holder though are you? The NCD belongs to the policy/policy holder, therefore you are building up precisely zero no claims. At least that's how my feeble brain worked it out

We've been through this with the insurance company , I am building my no claims i can assure you......

Dad has full protected NCD on all the cars, but it allows me to build mine... .don't ask me how it works , but its been arranged so it does.

 

[Shude]

Dad has full protected NCD on all the cars, but it allows me to build mine... .don't ask me how it works , but its been arranged so it does.

I'd ask for that in writing! Unless you're the policy holder you accrue nothing, except "experience". If it's all within the same insurance company then maybe you can get away with it, but you might struggle to transfer it.

The policy accrues the NCD, not any of the drivers.

 

[Howard]

Got it in writing .....

All cars same insurer, has been for the last 25 years...... obviously not the same cars.....

 

[Shude]

Got it in writing .....

Still sounds dodgy

My first policy was about £900 TPFT on an ancient vauxhall astra, worth about £200 at most. I was 22 or something at the time!

I got a quote from Zurich and it was £1800 TPFT, not exactly competitive really.

 

[Plodd]

I had to add my bit in here. I add that I am not making judgement or condemning anyone just my thoughts.
The practice of parents insuring childrens cars in their names......
For a kick off you could well have comitted a criminal offence.
Yes that's right, not a traffic offence but criminal. False declaration to obtain insurance carries I believe a small term of imprisonment. I believe most if not all insurers ask are you the owner and registered keeper. Tell a porky here and job done.
As to how they find out? All the various insurance companies now talk to each other, got a company car and think they won't find out? Have a bump and let's see if they don't.
Like I said at the start this is a minefield and fraught with danger. Problems with insuring offsprings car in mummy or daddys name would be unlikely maybe but could be extremely serious.
At the end of the day the premiums for youngsters are high for a reason, they have more accidents. If they don't pay the higher premiums guess who does............

At the end of the day it boils down to one thing, some people these days view a car as a right, it's not if you can't afford one then catch the bus.

I'll get my coat.