Hey everyone,
I’m planning on getting car insurance for the first time and had a quick question.
I’m 23, and my dad is 61. Neither of us has ever had insurance before. I was thinking of putting the policy under his name and listing myself as a driver.
Would that actually make a difference in the monthly premium compared to having the policy under my name instead? Since we’re both technically “new” drivers with no insurance history, I’m not sure if his age helps lower the cost or not.
First time auto insurance – should I be policyholder or my dad?
byu/Head_Extension_1041 inInsurance
Posted by Head_Extension_1041
4 Comments
Maybe whichever has a better credit score/history
The policy holder will need to match the name of the registered owner.
Location? Is this the US? Insurance laws vary from state to state, and country to country. My answers will be based on the assumption that this is the US.
Do you live with him? If not, you generally cannot be listed as a driver on his policy.
If you live together, most carriers will require you both to be listed on the policy anyway. So it generally won’t matter much. Both of you will be factored into the rates. And you’d normally put the policy in the name of whomever actually owns the car you’re trying to insure.
Or, contact a local independent insurance agent/broker to help you set all of this up. If you don’t understand insurance, you probably don’t want to DIY it. The broker/agent can help set things up in the best way for you.
I just did this and I’m in NYC and I’m 60. The first 6 ‘months will be expensive because no driver history. I found State Farm was cheapest. After that you can shop around. Mine was half after 6 months with NYCM thru AAA. If you will both be driving I would put it in Dad’s name.