So I am under my parent's insurance and now the insurance company sent me a legtter saying they're dropping me and my car from my parents policy because of two accidents and a speeding ticket.

But one of the accidents I was not at fault and was hit by an uninsured driver, what should I do? If that accident alone was not there I would still be under their policy.

On a lighter note, since Geico is coming to Jersey I decided to check out their rates and their rates for me with the car under my name would be cheaper than they are now, since my parents are also on the policy but they don't even drive my car anyway.

But the car is leased under my father's name, is there a way to switch over the name on the lease and how should I go about it?

Also, does anyone know where I can find the minimum insurance coverage for a leased vehicle in NJ?

Also, how much do insurance companies investigate your record when taking you in?

 

I'm thinking that you are going to pay a lot of your premium just based on your location. I hear there are quite a few car thefts in NJ. The insurersmalways check your driving record and charge you accordingly if they decide to cover you. if they consider you a "bad risk", they will charge you through the nose or outright decline you. The dealer can tell you what the minimum coverages are for the leased car. It's doubtful that you can change the name on the lease after the contract is signed. Especially at your young age and if you don't have great credit.

 

Well, actually I'm 20, as you probably saw and my credit is around 750.

Do insurance companies check other insurance companies for record?

 

LOL. 20 is very young and tender to insurance companies. You credit score seems good for your age but I still don't see any way to change the lease after it's in effect. The insurance companies check whatever driving records are available to them. I don't know if they need to check with your previous insurer to find out about your tickets and accidents.

 

I believe geico wont take anyone under 25....or so they told me...

 

They will, I have filed out their online quotes and they accept under 25.

 

well, when i first got insurance, they checked my driving record by my license number to see if i had any accidents or tickets, so i think any insurance company can track your driving record by driver's license alone. you should just keep your fathers name on the car and insurance, it would be hard to change the name on the lease over to u, plus insurance on the leased car would be really expensive.

 

Well me and the car are being dropped from my parents insurance. So i have to have insurance on my name now, and I don't think I can do it with my father as the one owning the lease.

I think I heard someone saying something about lease co-ownershipm, anyone ever heard of that?

 

Legally, the car is your father's and he's the one responsible for it. so his name MUST be on the insurance. (laws vary by state, but that's usually the same in all states)

your DMV department will have the minimum coverages posted somewhere. when I moved to TX a year ago, the minimum requirements were in the driver's manual/book you get when you sign up to take the exam to get your license.. it explains all the laws and regulations on insurance and other general info you need to drive in the state.

now to the point....... Your father can sign up for insurance on 'his' car with you as a listed driver through any company he wants. he's not required to have all of his vehicles insured by the same company. For many insurance companies, in order for you to drive it, you MUST be a listed driver on the policy. This will of course raise the premiums as high as Paris Hilton's skirt, but there's not much you can do about it.

and yes, even a not-at-fault accident like the one that hit you WILL count against you. it's unfortunate, but there's nothing you can do to fight it. The insurance company has thousands of lawyers working for them to make sure they only insure people they can make money from- you're not one of them, so they can (and usually do) drop you in a heartbeat if you've got more than 3-4 things on your record. two accidents in two years is enough to get you dropped alone, and the speeding ticket doesn't help.

I've been there, done that myself. a year ago, I had five tickets and two wrecks on my account, but I was already paying out the nose for insurance so they didn't drop me. now that I'm down to one wreck and two speeding tickets, my insurance has dropped about 30%.

 

You can try to get the lease transfered to you and just have your dad keep paying

It actually might be cheaper as you have alot less assests to protect. Just you **** vs your parent's house, other assets, investments, that they have to protect in case of a lawsuit.

 

1. Phone book is your friend

2. They can and will investigate your record fully in order to protect themselves against people like matt and me who had 2 accidents within one year, although I'd say I emerged as a better driver after those debacles. How far back depends on the insurance and the state. In florida, it's usually 3 years. You're 20, thus get ready to bend over. The geico quote you got online is probably void because I assume the online program doesn't check the record yet. It's probably done by the insurance representative when you're ready to sign up. That said, switching insurances after a bad track record is the worst thing that can happen. Trust me, I've tried without my current insurance trying to drop me, and still got quoted much higher premiums than the increase from the one I'm using now.

Basically, good luck and drive safer.

 

The ONLY one who can advise you if your dad can change the name of the lease to yours is the leasing company.

My guess also is that the leasing company will dictate the minimum amount of insurance that must be carried on the vehicle and for you it will be much higher than in your Dad's name.

I remember when I first got out of school I wanted to buy a 73-MGB-GT from my uncle who was a dealer at the time unfortunately the insurance was going to cost more than the car so I ended up with a 73 Chevy Vega instead.

Mr. Peabody

 

I have done that too and they wanted to charge me more than double (under my name) from what I pay (parents' insurance) per year.

I'll stick with my parents for a while.