I'm 20 years old and I recently bought a car for $3,000. My dad helped me find it, and yesterday he said that he thinks the car should be registered under his name because then insurance will be cheaper. I also believe I am not listed under his insurance because he has told me multiple times that if I was, the price would spike hard. He assured me that even if I'm not under his insurance by name, there are loopholes and things will be fine even if I get into an accident (specifically he said that if someone hits me we're still getting the payouts, but if I hit someone else our car will not be refunded but damages to the other will be paid). I imagine he thinks this is fine because the car is worth so little..?
My main question is, is this a bad idea? Is there anything I'm losing out on for not getting a car sooner than later, or insurance sooner than later? Is it better to pay the super high insurance fees now until I'm 25?
I know so little about cars and documents, so any input would be really valuable to me. Thank you for reading!
Submitted November 14, 2017 at 02:26PM by Atomoly http://ift.tt/2zKxom0
