Lien holders & Insurance?

Question

I bought my car through my credit union at work. My car payments are $323 a month, which I can afford, but my car insurance is $547 a month.

My question is, Is there any way that I can put my mother's name on my car and go back under her insurance policy, or any way that I can go back under her insurance policy AT ALL?

I'm not sure what can be done when there's a lein holder involved.

My only other options are - A] Go crazy from financial stress, B] Sell my car back and start walking or C] Work 2 full time jobs just so I can eat.

Or I could get married to an older man!!
Good idea right? Then I could get on his insurance.

Answer 1

In order to put her name on the car, the loan must ALSO be in her name, too - you can't get the title amended until the leinholder releases it.

Her policy, with her as named insured, isn't going to satisfy the lein requirements, so going on her policy isn't going to solve the problem.

Assuming from your ultra high insurance premiums that you're young, well, LOTS Of people work two full time jobs. That's not a bad idea, because any extra money can go to pay the car off faster. But you realize, it's not the LOAN that makes the car so expensive to insure - it's your lack of 7 years driving, in combination with a brand new car - which likely is pretty snazzy (minivans are cheaper to insure).

If you don't want to work two jobs, or even if you do, you might want to sell that car anyway. You can buy a car for cash, or a used car for a couple thousand bucks and pay it off in a few months. Cars that are more than four years old are MUCH cheaper to insure. And if you were working two jobs during this period, you could begin to pack away the money, so you don't get trapped into the debt cycle again.

Answer 2

You need to shop around for insurance quotes. 547? that's alot. Have you tried going outside your carrier for quotes? It's a great idea. Trust me, I was paying 380 a month for over 2 yrs. One day i changed insurance. Now, I only pay 160... Make sure you don't obtain insurance from your credit union. Insurance provided by them has higher rates. Try allstate, I work for this company.. or e-mail me if you live in california.. I can find you a cheaper quote.. (i'll try)

Answer 3

I would shop around for auto insurance. $547 a month is ridiculous. That would be your only option, otherwise sell the car.

Answer 4

If you have her add you to her policy as an additional driver and add your car to that policy, you should be fine. This is essentially like being a married couple with two cars that share one policy. However, you can probably do this only if you have the same residence.