- October 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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Living in Louisville, KY, I find myself facing a significant financial burden in the form of my car insurance. Priced at $470 per month, this is already the cheapest option available to me for state minimum coverage. The situation worsens as most other insurance providers refuse to insure me altogether.
The roots of this issue go back to August 2022 when I was involved in an at-fault accident that resulted in a total loss. This unfortunate incident left me with injuries that prevented me from driving for nearly a year, which inadvertently led to a lapse in my car insurance coverage. Compounding the problem, I also have a zero credit score, which likely contributes to the exorbitant rates I am faced with.
The consequences of these circumstances have left me in an unenviable predicament – I simply cannot afford to pay my car insurance any longer. I am now faced with an agonizing choice between making rent or maintaining my insurance coverage. Considering the inevitable financial strain, desperate measures seem unavoidable.
One potential solution I am considering is to transfer the car insurance policy into my boyfriend’s name, once he obtains his full license. Unlike me, he has been insured on his parents’ policy for a commendable span of five years. While this may seem like a questionable decision given the gap in my coverage, the dire financial constraints we face leave us with limited alternatives. It is imperative for us to have a vehicle to commute to work and carry out other essential tasks such as grocery shopping. Selling the car is not a realistic option.
Here is where the AI Legalese Decoder could prove immensely helpful in assessing the feasibility and potential legal implications of this course of action. By utilizing advanced AI technology, this tool has the capability to decipher complex legal jargon and interpret the fine print of insurance policies, providing us with valuable insights and guidance. It could help determine whether transferring the insurance policy to my boyfriend’s name is a viable option, considering any potential legal repercussions and the overall impact on our financial situation.
In conclusion, the predicament of unaffordable car insurance has left me with limited choices. Exploring the option of transferring the policy into my boyfriend’s name seems like a desperate yet necessary move, given our financial circumstances. With the assistance of the AI Legalese Decoder, we can make more informed decisions and navigate this complex situation with confidence, ensuring we have the necessary transportation while also mitigating any potential legal risks.
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****** just grabbed a
You are paying $470/mo for just liabilty insurance on a 2009 Accord . Where you convicted of DUI for your accident. If so there isn’t a good way to lower your premiums.
If you intend to drive this car, you must be listed as a driver on the policy.
What is a “full license?”
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> I own the car, so I can just put it in his name.
So basically you want to title your car in your boyfriend’s name so he can then get his own insurance policy on it, correct? If so, that’s a horrible idea. You won’t own the car anymore, he will. What happens if you break up?
Very bad idea. You might as well have no insurance at all. If you get in an accident while regularly driving a vehicle for which you are neither a named insured nor listed driver, they will not only deny the claim but likely rescind (retroactively cancel) the policy for fraud, leaving you personally liable for both the damage to the car and any negligence claim against you.
In addition to that, they might end up denying a claim your boyfriend makes if he gets in accident because of the same fraud, even if neither you nor your car are involved in his accident.
What would be the point of having and paying for insurance that is worthless when you get in an accident?
Summing up the issues:
If you own the car, you have to be on the insurance. If you have a driver’s license and live in the same household, you both have to be on the insurance whether or not you drive the car.
If you commit insurance fraud and lie about these details, and the insurance company finds out, they cancel the policy, you are completely liable for any damages, you don’t get a refund for any of those premiums you paid while lying to the insurance company, and your boyfriend likely gets flagged for insurance fraud as well.
It would be an incredibly bad decision to legally sign your car over to your boyfriend and lose all legal claim to it. If you have any legal tie, to him or the car, you have to be on the insurance policy.
It sounds like your best bet might be to sell the car to your boyfriend for a fair price, and keep that money in a savings account in case you break up so you can buy a new one.
As far as I know, you can only have owner on title as primary insured. YouÔÇÖd have to put him on title of car (or his parents if you were thinking to take advantage of their rates).
If you are not a named driver on his policy, then you are uninsured.
This is a terrible idea.
Basically, you need to not drive for a while.
Former insurance agent but in another state.
The policy has to generally be taken out by someone with an insurable interest. That is usually the registered owner.
If he is not on the title or the car is not registered to him, he likely does not have an insurable interest, meaning he can’t take out a policy.
On top of that, if you live in the house and will drive the vehicle, you likely need to be a listed driver on the policy. Every company is different, but the premium is often determined by the highest risk driver. It wouldn’t matter if the policy was in his name because you would be the rated driver.
Even if you sell him the car, you may need to be a listed driver on the policy.
Another potential issue is that you said ‘he gets his full license soon’. If he was on a learner’s permit or provisional license, that can be a rate spike. Also, a 21M is notoriously expensive to insure.
I would suggest going and sitting down with 3 or 4 agents and explaining the issue and seeing what options are available. At least one of the agents should be an independent agent who writes for several different companies.
Ask specifically for discounts like a defensive driver discount. You may not qualify depending on your state’s look back period. But if he has a clean MVR and accident history, a $30 course from AARP could save you hundreds of dollars a year.
IÔÇÖm from just across the river. The cheapest insurance I found with my not so great driving history when I was your age was root. You have to have the app on while you drive for a few weeks and then theyÔÇÖll give you a quote. You never have to have the app on after that period. You can have yourself listed as the driver and add a secondary driver.
Every time you cancel your interlace itÔÇÖs hurting you in the long run. Insurance companies will rate you as a new driver once you start a new policy. Ask the experts in r/insurance on why this is a bad idea.
It will get cheaper over time. What kind of car are you driving? If itÔÇÖs a Kia or Hyundai it could be part of the problem.
Have you shopped around? Also, IÔÇÖd ask someone to make you an authorized user on their credit card- ask them not to even give you the card. Then when thatÔÇÖs on your credit, get your own card and start building credit.
If he has a good insurance record, IÔÇÖd see what him adding you to his insurance would do. Then pay him the difference.
If you own the car, no reputable company will knowingly insure it without you on the title. Also, you need to be covered for liability since itÔÇÖs your car.
Really you should start by building credit in a responsible way.
Technically even your bf should no longer be insured on his parents policy since he is not a licensed driver in his parents household unless he is a full time student & financially stormy on his parents.
You’d have to add your BF to your car’s title and make him the primary car’s owner. Also you have to be on the insurance, there’s no scamming the system like that. It’s one thing if you let your friend borrow your car for an afternoon, or drive for a bit on a road trip or whatever, it’s another to be regularly driving the car, living with your BF and not on the insurance.
I wouldn’t mix finances with anyone I’m not married to. Found this out the hard way, had a really materialistic gf with a lot of debt in our 20s. I took some of it on to help her/I for the future. Thought I was gonna marry this chick, she ended up fucking some dude in a bar bathroom. Never again, I would advise the same for you.
Your community should have some free resources for life counseling and budgeting. The problem with scraping by (I’ve been there!) is that you are always on the edge of losing everything. You both are very young but need to get a financial plan for earning and spending that gets you away from that edge. You may need to make some big changes.
Please talk to a social worker or a community resource person and get some counseling.
Unless the car title is in his name, also, your brilliant plan doesnÔÇÖt work.
You probably need to take a driverÔÇÖs ed course to lower your rates, and get your credit score up ÔÇö and take public transportation or get rides for awhile. If you get an accident on your boyfriendÔÇÖs insurance, youÔÇÖll screw him over, too.
(some people shouldnÔÇÖt drive)
Would you still be a covered driver on the policy?
What level of coverage do you have? Are you making payments on this car?
If he’s taking his own policy out and you join in with your record it’s going to negatively impact the cost.
Check this. Depending on why your rates are high, the insurance company might require your BF to have a restriction on his insurance that you don’t drive the car.
Make sure youÔÇÖre a named insured not just a driver. Should raise his rates a bit but better than on your own. Have high liability because depending on state law you are now both responsible for accident pay outs that either of you are potentially at fault for
People have had your idea before. The company considers it fraud, and has policies in place to stop it.
The car insurance company will list you as an excluded driver if they know you live there or own the car.
Meaning your bf could loan the car to a random person off the street and the car would be covered, but you specifically would not be covered as a driver.
No, you shouldn’t commit insurance fraud which is what you’re talking about doing in your post.
You have a lot working against you:
You’re under 25.
You’re unmarried.
You have had 3 accidents, fault doesn’t matter. You cost the insurance company money.
Your credit is bad.
You were uninsured for a full year.
Maybe look into Safeway insurance they’re usually pretty cheap my progressive rate is $450 a month and with Safeway it’s $110
You would have to be excluded from the policy, meaning you can really never, ever drive it, and it would need to be titled to your BF.
Just another reminder how automotive-focused urban design keeps low-income people poor.
Sorry youÔÇÖre dealing with this OP. Some decent answers in here that I canÔÇÖt contribute to. I hope you guys figure something out and claw your way to some security.
side note: there is no such thing as a zero credit score. there is, however, a “null” credit score, which means you have no credit history in the past seven years.
it’s very difficult to live without credit. as you are seeing. costs for everything are higher, utilities require deposits, etc.
i’d advise you to get to work building credit. you can get a secured card, meaning you put up the amount of the credit limit in cash in order to secure your use of the card.
or you can ask your bf if he will add you as an authorized user on his cards, assuming he pays his bills on time. he will need to check with the issuing banks to make sure they report authorized users to the credit bureaus. this way, you get “credit” for the expenditures, payments, and age of the cards. i did this because of bad credit. i went from 565 to 805 and an unlimited american express card in my name in three years.
under both scenarios, you can “graduate” to your own card after a year or two to continue building your credit.
good luck! good credit is like gold.
Walmart allowed my aunt to sit here in Lexington. They just required a doctor’s note and gave her a stool for her shifts.
I know Wallyworld doesn’t pay a ton, but it’s probably comparable to fast food.
Depending on your insurance carrier, you could have your bf or parents add you as an associate member under their plan. I have AAA and added my wife to my plan as an associate, payments dropped by 150/mo for the same coverage.
Assuming that your boyfriend’s insurance would be significantly lower, here’s what you would need to do — legally. Put the car in your boyfriend’s name as the sole owner on the actual title of the car. Exclude yourself from the policy that your boyfriend gets. Go. Now, that might be difficult if the car is financed AND it means you can NEVER drive the car. If you get behind the wheel in this example, you are an uninsured motorist accepting full liability and costs for any and all accidents. And you’re driving illegally in most states. Keep shopping around and pay the damn premium. Good luck.
I wouldn’t suggest removing yourself from title of vehicle, maybe additing him as co-owner and insuring it adding yourself to the insurance. So he’s the primary insured. This way, if anything happens no one can take the car, if there’s an accident you and him will be covered no matter who’s driving. You could also ask your insurance company if there’s and driving classes(accident avoidance type) you can take to help bring down the cost. Another option, maybe his parents could add you to their policy and you pay the difference in adding you.
If you put the car in your boyfriends name, there’s a chance that he would keep the car and you’d have no recourse. Selling it to him would be a better option.
Many (all?) insurance companies ask if anyone else lives in the household and want to know their info because they will have access to the vehicle.
I’m not well versed in the insurance side of things, and plenty of people have answered that already.
On the alternative solutions side, have you considered a bike? Obviously this is very dependent on where you live in relation to work, but spending a few $K will get you a very nice e-bike with decent range, and you can go cheaper if you’re willing to do more pedaling. If the cards line up right this could be a neat solution while you rebuild your credit score and save up some money.
(Obviously though not everyone can bike or is within biking distance but I thought I’d suggest it)
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So, you’ll have to check with a local agent, but at least in the states I’m licensed in whoever is the titleholder has to be a named insured on the policy. So, if you put the title in his name then, yeah, you could get it insured in his name.
But here’s where I don’t get how it would help you. The reports they’re gonna run will show you as a member of the household. Either you’re going to have to be listed as a driver on the policy, which will make the price skyrocket again, or you’re going to have to be excluded, in which case you can’t drive it at all and will continue to have no insurance history. No history means higher prices and fewer choices in insurer.
So, what is this supposed to achieve? Just so he’s able to go do everything, but you can’t do anything further than walking distance without him? Try seeing what it would be if you added him as a driver to your own policy. If he’s got good credit, usually they’ll use the higher of the two.