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 ...
- 2,102
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 ...
- 38.3k
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 ...
- 119k
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 ...
- 25.8k
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 ...
- 471
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 ...
- 7,506
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 ...
- 11.7k
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 ...
- 38.3k
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 ...
- 356
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 ...
- 32.5k
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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