Can I secure my car insurance on my parents house?

Question

I'm 17 & live in the UK and have £1500 for a car but not £2000 for the insurance.

Can I get an insurance where if i have an accident I pay all charges or they take away my parents house. Because I'm just not going to have one so I don't care.

Or an insurance where I give them a fixed amount of money ie £1000 and at the end of the year they give me back 90% if i don't crash?

Answer 1

Never heard of that.....

Answer 2

Insurance is based off the law of large #'s. Everyone puts in some money for the few people that may place a claim. I understand you may have a great driving record and don't plan to have an accident. But that's the meaning of an accident, no one plans to have one.
I am in the United States so I am not sure if the UK operates the same way, but here its illegal to drive without insurance. If your parents are alive I don't think they would want to risk their house. But if you own your parents house why don't you see about getting a loan against the house to help with the insurance bills. As a side note there are insurance companies that do pay dividends if they made a profit, but none that i have ever heard of would refund you back a set amount if you were accident free.

Answer 3

Not quite that simple I'm afraid. First, you may not have an accident but what if someone crashes into you? If they drive off or haven't got insurance, it's you who have to pay for the repairs to your car or damage to others. And you can't secure the car insurance on your parents' house - good try though. The insurance companies exist to make loads of money by gambling on the likelihood of drivers having an accident and set the premiums accordingly. The statistics show that many drivers of your age have accidents, so premiums are very high. And they don't give money back for good behaviour. You are lucky to have found an insurance company to offer you a quote; most refuse, as no doubt you have found out.

Answer 4

I know it can be frustrating but if you can't afford the insurance do not go and buy a car - wait until you are 18 and keep saving. An 18 year old with a full licence for 12 months is a much better risk than a 17 year old who has just passed their test.

There are several ways you can look at to reduce your costs.

1) Take the pass plus
2) Consider a short period (6 month) policy
3) Try the Norwich Union pay as you go scheme
4) Make sure the car you buy is a low insurance group and quite old.

But none of your suggested possibilities are available.

Answer 5

Wow. Your mum certainly squirted out a nasty piece of work when she birthed you.

But to answer your questions: No on both counts.

If you don't have the 2 grand for insurance, get a bus pass. If you're being quoted that much for TPO, you must be in central London or some other major city so public transport won't be an issue.

Answer 6

If I read this correctly you are a selfish irresponsible little B-----
and I am glad I do not know you.

1. Get a smaller car
2. If you can not pay for insurance how the hell do you think you are going to pay for road tax repairs and petrol. Wake up!

Answer 7

What would give you the right to be willing to surrender something that you do not own? If you drive, like you think, I am glad I am in the U.S.. Far away from you.

Answer 8

No and as you sound like a total toss pot, they will be more than likely to up the premium.
And why should your parents risk their house for you?

Answer 9

TROLL.

And no, they're not going to let you offer up someone else's belongings for security, what in the WORLD are you thinking?

Answer 10

You can apply for a certificate of security...but for that you need to have something like £250,000 deposited for that purpose...maybe even more now.
Glad you aint my child....

Answer 11

Something tells me you should not be on the road!