I'm done with college for a bit and am headed into the job market. During college, I just took the train so I didn't drive and didn't have my name in the insurance policy. My brother was driving to his college for the first 2 years but now he's going to be living near there. So I have 2 questions:
[1] What can be done with his policy? He's not driving anymore but do we still have to pay for his insurance?
[2] I'd like my name in the policy once I get a job but paying for two 20 year olds are gonna be expensive. Any advice? Has anyone been in a similar situation?
If your brother is the registered owner of the vehicle the insurance has to be in his name.
He maybe able to put you on as driver #2.
Best thing is to talk with your local agent.
iceracer wrote:
If your brother is the registered owner of the vehicle the insurance has to be in his name.
He maybe able to put you on as driver #2.
Best thing is to talk with your local agent.
That may differ from state to state. Ask and insurance salesman/woman. They have no reason to not be truthful. I have four vehicles and three of them are in my girlfriends name even though 2 of three are in my name on the title. I only have to have my name on one so I can drive any of those four vehicles.
Not an insurance expert, but to answer your 2 questions...
If your brother has no reason to drive/insure a car, then he COULD tell the insurance company why and also that he would like any "unused" portion of his premium rebated. Keep in mind, that most insurance premiums work like interest payments on a loan. That is, if you pay $30 per month and cancel on the 2nd day of the month, you don't necessarily get $28 or $29 back. You will receive LESS than $28 back....depending on the company.
The 2nd question precludes you're using his policy as your policy. These 2 questions deal with conditions that can not exist at the same time. If you want to have your brother's unused portion paid back to him....when he is paid, there is no longer a policy for you to be on.
Pick either situation/question #1 or situation/question #2.
If he's NEVER going to drive it, thats one thing, but if its -almost- never, you should try to avoid lapse in coverage, because they'll spike you whenever you do finally go to get insurance.
if the vehicle is going to get use, do what they're saying above ^^^.
if its going to get almost no use, they make insurance policies with ultra low yearly limits on milage. Might look at them too.
Go to the office of the insurance company with your brother and ask to swap insurance from his name to your name. Even though its not your vehicle, it should be fine unless your state or the company says its not acceptable. If it is not possible, they will find a way to work it out.
The policy is with my parents and his name was added to it. I know I can't use his policy. I need to have my name added under this policy also. Since he won't be driving for a while, is there some reduced payment method for him? I mean, I doubt the insurance company will believe that he won't drive the car again.
I guess I'll talk with the agent and find out. Thanks
I'll try to help out, I work in auto insurance, but I'm confused.
Do you and your brother live with your parents? Where are you living?
If you're all with your parents, you can be under their policy as additional drivers. If your brother isn't driving, they can "exclude" him from the policy, but that would mean he can't drive at all. Ever.
If you're living on your own, you and your brother can be on the same policy. Even if the car isn't title in your name, you should still be able to take out coverage on it if you have an "insurable interest" in it, such as you use it for your livelihood.
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