if i get the insurance under my name is goin to be really high b/c im18 and have a2000 celica gts and he is like 58 and i hav to buy premium insurance b/c im make payments to a dealer. or if you know a low premium insurance company that would also help.
2007-02-11 15:44:28 · 6 answers · asked by Carlos C 1 in Cars & Transportation ➔ Insurance & Registration
The name of the policy goes under the name of the registered owner(s). Your uncle can be the co-signer of a loan, but unless his name is on the registration he cannot be a policyholder. Insurance rates are primarily based on the rating of the principal operator of the vehicle, who is not necessarily the policyholder. Does your uncle already have a vehicle of his own and insurance of his own? If he is and he is the principal operator of that vehicle, he cannot be the prinicipal operator of the Celica (you cannot be the principal operator of two vehicles if there is more than one driver). You will be rated the principal operator and will be charged accordingly. If you are rated the principal operator, the name of the policyholder will not change the rates. The finance company does not care who buys the insurance as long as the vehicle is fully insured and their name is listed as a lienholder.
2007-02-11 16:20:27 · answer #1 · answered by Gambit 7 · 0⤊ 0⤋
Your Uncle would be a Fool to cosign for an 18 year old ,go buy a cheap car with cash in hand ,and build your credit up till you can do this on your own , co signer is liable for everything ,Dont put your Uncle through that/peace
2007-02-12 01:46:09 · answer #2 · answered by Terry S 5 · 0⤊ 0⤋
More than likely if your uncle financed the vehicle he will have to have insurance also...The good side is that u can get on his insurance which will be cheaper because trying to get your own insurance at your age is gonna be really expensive...
2007-02-11 15:50:46 · answer #3 · answered by Transformed 1 · 0⤊ 0⤋
very often the bank you finance will want him to have insurance on the car as well since his name is on the contract. but whether both of you can be on the same policy really depends on the insurance company.
2007-02-11 15:50:40 · answer #4 · answered by ridgwayaz 2 · 0⤊ 0⤋
Yes, buy a cheap insurance. Preferably one that is so cheap that when you call to report a claim, they don't answer the phone.
Sometimes you get what you pay for.
2007-02-11 16:15:04 · answer #5 · answered by rob1963man 5 · 0⤊ 0⤋
delete this question or your insurance will go up more .
2007-02-11 15:59:56 · answer #6 · answered by martinmm 7 · 1⤊ 0⤋