140 votes

Could I take my car even though my mom says no?

im not sure exactly what the title name is Well, you need to be, because that and only that determines ownership (in the US, at least). See Wikipedia: Vehicle title
  • 49k
116 votes

Why does car insurance also insure for injuries rather than only insuring the car itself?

Why not only have the drivers insure their car and then let everyone purchase separate insurance for injuries? Because people are irresponsible, cheap and bankrupt. And cars are dangerous 1.5 ton ...
  • 11.4k
113 votes

I’m 18 years old and want to finance a £30,000 car

You are talking about spending about a third of all your money on a car and committing to do so for the next 4 years. As an 18 year-old you have a tidy disposable income and few expenses. But the ...
107 votes

For very high-net worth individuals, does it make sense to not have insurance?

I think the key to this question is your last sentence, because it's applicable to everyone, high net-worth or not: How would one determine whether they are better off without insurance? In ...
107 votes

Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?

Negotiation 101, never be the first to say a number. You tell them you have a $300,000 limit and magically they want $300,000. Alternatively, they may just assume you carry the minimum.
  • 48.6k
79 votes
Accepted

Is insurance company’s preferred auto shop biased?

The answer is YES. The responses saying no are so wrong it isn't even funny. How do I know - I used to do tech work for a repair shop and saw all of the inner-goings. A shop is a preferred shop ...
  • 4,690
73 votes
Accepted

For very high-net worth individuals, does it make sense to not have insurance?

Yes, and the math that tells you when is called the Kelly Criterion. The Kelly Criterion is on its face about how much you should bet on a positive-sum game. Imagine you have a game where you flip a ...
  • 3,024
72 votes

Car insurance (UK) excludes commute to and from work, will not pay on claim during non-commute

Having worked in insurance, I can give you a few pointers. Firstly, state that you "may have to complain". Insurers hate complaints because they really complicate matters, are loads of work and must ...
  • 640
70 votes

Why is auto insurance ridiculously overpriced for those who drive few miles?

There are several aspects to this but at a high level it boils down to To some extent the insurer has fixed costs. Underwriters apparently think there is a marginal decrease in risk for each ...
  • 48.6k
62 votes
Accepted

Why does car insurance also insure for injuries rather than only insuring the car itself?

I think I understand where JonathanReez is coming from owing to the fact that the Canadian province of British Columbia, along with Saskatchewan, Manitoba, and Quebec have nationalized car insurance. ...
  • 2,465
60 votes

Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?

It isn't just GEICO that tells you this, every US car insurance company instructs their customers to not mention the amount of coverage. Your job is not to negotiate. Your job is to collect the ...
54 votes

I’m 18 years old and want to finance a £30,000 car

Personal experience- I did the math. I had enough. I bought the car. I LOVED that car. I had FUN. Nothing went wrong. I paid everything I had to as it was due. Luck was on my side. At the end ...
  • 411
53 votes
Accepted

Auto premium increasing with aging vehicle and no new tickets

I assume this happens to everyone in the US, and I believe the reason is simply due to competition. Here are my data points: I was with Allstate for 17 years, and the rates were pretty consistent for ...
  • 46.4k
51 votes

For very high-net worth individuals, does it make sense to not have insurance?

There are 2 maxims that help make sense of insurance: never insure anything you can afford to replace always insure anything you can't afford to lose Following those 2 rules, "normal" insurance ...
  • 2,982
48 votes
Accepted

If I have an accident, should I file a claim with my car insurance company?

To expand on riya’s answer... When the other driver is at fault, their insurance is the one responsible for covering any claims. You have 3 broad choices at this point: Pay out of pocket for your ...
  • 1,008
38 votes

I’m 18 years old and want to finance a £30,000 car

The answer, of course, is "no" to the Audi. But you already knew that. I applaud your willingness to ask the question. Here is a decent article: Opinion: The road to riches is this simple: Drive a ...
  • 75k
37 votes

Car insurance (UK) excludes commute to and from work, will not pay on claim during non-commute

You should start by making a written complaint to the insurance company itself. You have two angles of attack: What was discussed when she was sold the policy. Make sure you set out exactly what you ...
37 votes

In the United States, how do you get car insurance (auto liability) which is valid no matter what car you are driving?

There is a kind of insurance like this, for people who don't own a car but nonetheless want to be covered for any car they drive, for example when renting a car or borrowing a friend's car. This kind ...
36 votes

Should I tell my insurance company I have an unsecured loan for my new car?

If the loan is unsecured, then you own the car. If the loan was secured on the car, and you lost, sold or destroyed the car, you would have to repay the loan. Since it's not, you get to keep the debt ...
36 votes
Accepted

Why is net worth a recommended minimum for insurance coverage

I'm not aware of one's personal liability in an accident being in any way limited by personal assets But in effect it is, because of bankruptcy (debts well beyond your assets can be wiped out). The ...
  • 28.8k
34 votes

Is it true that car insurance can go up if a member of your family gets a license?

(Edit: answered before "What if I have my own insurance?" was added to the question.) Is that true? Yes, because you'd be someone who lives with her, and who can drive. You'd have implicit ...
  • 49k
34 votes
Accepted

Why is the mandated minimal liability car insurance coverage so high?

I think you underestimate the costs of being found liable in an accident where someone is killed or seriously injured. You may be held responsible for the lifetime cost of care of someone on a ...
28 votes

How to calculate car insurance quote

First you should understand the basics of how insurance companies make money: In a simple scenario, assume 1,000 have car insurance. Assume that on average, 100 people have accidents per year, and ...
28 votes

Why is the mandated minimal liability car insurance coverage so high?

It sounds perfectly reasonable to me, and I don't know why some countries allow people to drive with such low policy limits, when payouts for permanent life-changing injuries can be so high. Here in ...
  • 9,046
26 votes

Why is auto insurance ridiculously overpriced for those who drive few miles?

Not all miles carry the same amount of risk. A survey by Progressive indicated that accidents are most likely to occur within 5 miles of home, and 77% of accidents occur within 15 miles of home. Only ...
  • 66k
26 votes
Accepted

Suppose leased car is totalled: what are financial implications?

In general leasing requires you to have an insurance policy that meets certain criteria (such as the policy being comprehensive). However, in the event that the vehicle is written off the insurance ...
  • 4,998
26 votes

In the United States, how do you get car insurance (auto liability) which is valid no matter what car you are driving?

Let's look at your examples one by one: driving a friend's car Your friend's insurance would likely cover you instead of your own If I was on vacation driving a rental car Many, but not all, ...
  • 51.7k
24 votes
Accepted

If I let a friend drive my car for a day should I tell my insurance company?

Most of this content is gleaned from Geico's website: There is no need to notify the insurance company about this situation, however there are some rules and liabilities to be aware of before you lend ...
24 votes

For very high-net worth individuals, does it make sense to not have insurance?

The point of insurance is to trade high variable costs for much lower fixed costs. The question isn't whether you can afford what would be a catastrophic event for anyone else, but whether it would be ...
21 votes

Suppose leased car is totalled: what are financial implications?

You must pay every dollar of the value of the car as agreed to on the lease. Period. Some people carry insurance. This insurance will pay out based on the insurance policy. The usual default is ...

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