Posted: Wed Jan 30, 2008 7:48 pm Post subject: what kind of car insurance and for who
Hi I'm trying to figure out who needs to get insurance on a car and for how much?
Ok I inherited a car-that I am not going to drive (its a straight drive) I know I should just sell it but I don't want to yet. I think I am either going to let my boyfriend (30 years old) or my little bro (18 years old) drive it or possible they can share. It is a crappy car but it gets good gas mileage.
I now have a lot of assets I need to make sure are protected...ie if they get in a wreck I don't want to be sued. Both boys will dog this little car, I don't trust either one of their driving. However, I think just sitting in the driveway probably isn't good for it either.
What people need to be insured and what limits should I get. I have my own policy, my boy friend has his own policy and my little bro shares a policy with my mom and step-dad
Most states the owner can be held liable for the use of the vehicle but there are some states where they cannot (short of negligent entrustment). If you as the owner can be held liable there are two ways of insuring the vehicle. You can add it to your policy with each person listed as a driver/insured or you can have it listed under another person's policy with you listed as an insured/"driver".
You're asking what limits? Can't really say without knowing _something_ about your financial situation... which is why I think you really need to speak to a local agent. I see no reason to have different limits then you have now.. unless those limits are not correct for you driving either.
Do you trust these people who will be driving the vehicle? You could sign the title over to them and not have to worry about it, with the condition that they would sign the title back over. I have a feeling this is not a good idea based on your comment about not trusting their driving.[/left]
I am with you on this one tscope, if I did not trust them, I would put their names on the title since it is a crappy car anyway, I would not risk what I have if they are irresponsible. It probably won't last long anyway if they are going to dog it.
Let them have it through titling and then let them insure it.
Posted: Fri Feb 01, 2008 9:53 pm Post subject: Giving the car to them can be cheaper
Quote:
I now have a lot of assets I need to make sure are protected.
With a "lot" of assets now the $1500 or $2000 bucks you say it is worth is probably not a big factor for you. Getting the auto out of your name and into one of their or both for that matter could be the cheapest route to go. And if the $1500 or $2000 bucks is an issue then you might just sell it outright to someone else and explain that the cost of insuring it would place an undue hardship on you. _________________ A simple smile, or one kind word can often times give a flicker of hope to someone who's lite has all but gone out.
?----if you have 'alot of assets' (good for you by the way)....either do not let these people drive the car....sell it to them...give it to them (get your name off the title)....or put high high liablity limits on it.....and make sure you pay the premium they can pay you back, just make sure it is paid.....you don't need collision/comp on it just the state madated coverages, but with high limits... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
well...............sorry don't you think your query is little too complicated? _________________ INDIAN_TUSHAR
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Save yourself the grief and sell it.Thats my opinion.Usually when you try to do something like that ,you are always the person who gets left holding the smoking gun.Know what i mean?
That is a good point hummingbird, she could sell it. But if it is crappy, she won't get much out of it. She could just put it in their names and be done with it all too. Then they won't be borrowing her car, lol.
Thats a good point too. So she has 2 options .Mine being the less headache for her....lol Why not just sell it to them? I am thinking like this ,if it is a crappy car and they will tear it up anyway,then they will be nad at her cause she either sold them a crapy car or they wasted all that money for insurance and the car is broken.Oh well, all the options are here so she can make a good decision.She needs to look out for herself though in this and not worry about the others.Some people are not appreciated for what they do but what they didn't do is always an issue.
