Mikelly Posted December 30, 2007 Share Posted December 30, 2007 So, being a step-dad has been a bumpy and sometimes unrewarding road for me. I never wanted kids, but ended up with two sons that have, thru no fault of my own, ended up with great jobs, and both living on their own, reasonably successful at all they shoot for... When the oldest went to college, I kicked in $10K to "help" out... So the youngest recently got a job at Lockheed Martin. His Dad and I had an agreement that I'd kick in another $10K towards the younger son's education, since I helped the older son, and then Dad would cover the rest. Now that he's employeed by Lockheed Martin, They're picking up the tab for his college, so I figured "What the heck, I'll buy you a nice beater commutor car". What should have been a simple process took a month. Finding "the right" car that we could agree to, and then making the deal happen, and unloading his 2003 Nissan Spec-V Sentra seemed as if it would never happen. However, Yesterday his dad took him to a dealership that Dad had bought several cars from. They found a 2008 Toyota Corolla with 32 miles on it, four door, automatic (Craig drives in some of the regions worst traffic for a rt commute of about 95 miles) and good fuel mileage. They wanted $16900, but Craig's dad beat them up pretty good, and they ended up with a "deal" of $15200 out the door, and they pay off his Nissan. So all is going well until they start calling about insurance... Craig calls me in a panic, since he's just been told that his previous mistakes behind the wheel, a couple of accidents in his early driving career, plus getting caught with a radar detector and speeding (Radar detector is the kiss of death in Va for your insurance.) and now he has a qoute of $400 per month on an anemic 126hp 4 door commutor box... Yup, his past has now come back to haunt him... Craig was so upset because he'd gone online and checked the rates thru a number of insurance companies. I'd advised that he shouldn't trust them, as they're hit and miss on the actual rates for young driver. So at the end of the day, he gets the car, but ends up staying on his dad's insurance. The goal was to get him off his father's insurance, as it's jacking his rate up by having Craig on it, but oh well... The moral of the story is to watch those speeds, stay out of trouble and do not believe those internet insurance qoutes. Every citation, or infraction will eventually make us all "pay for our mistakes!" Mike Quote Link to comment Share on other sites More sharing options...
Careless Posted December 30, 2007 Share Posted December 30, 2007 I find it just a BIT EERIE that I was JUST NOW actually doing online insurance quotes to get an idea of what I'd be paying as a primary driver for my Z31 Turbo. Looks like I can toss those sheets the in the garbage. LOL But I stared getting insurance 3 years ago, and haven't ever had a single traffic confrontation or even seen a ticket with my name on it, so that should keep me out of "sticker shock" range. Quote Link to comment Share on other sites More sharing options...
GeeZ Posted December 30, 2007 Share Posted December 30, 2007 I applaud you for being a good step-dad. Your story is repeated with every family with an underage driver (under 25), good driver or not and especially for male drivers. My daughter had a couple of accidents and several speeding tickets. It wasn't until she went before the judge and threatened with a suspended license did she wake up. I firmly believe kids drive with their eyes and ears shut! Quote Link to comment Share on other sites More sharing options...
Careless Posted December 30, 2007 Share Posted December 30, 2007 I firmly believe kids drive with their eyes and ears shut! most of 'em just look through the side glass with the music blaring. Quote Link to comment Share on other sites More sharing options...
nbesheer Posted December 30, 2007 Share Posted December 30, 2007 Man I thought that $150 a month was bad. But that's cool that you're helping them out. Quote Link to comment Share on other sites More sharing options...
savageskaterkid Posted December 30, 2007 Share Posted December 30, 2007 I kinda like the fact that USAA hasn't upped my rates for my ticket. Which was over a year ago. If anything, my insurance has dropped, even with the Z on my plan. Both the cars are older 93' sentra, and 78' 280z, and don't have full coverage, but I like that I only pay about 330 every 6 months. Quote Link to comment Share on other sites More sharing options...
woldson Posted December 30, 2007 Share Posted December 30, 2007 Is the car paid in full? Just liablity should be cheaper as you problay know. If not then they should of followed your lead on this subject. Setting an example of equlity for both sons was admirable. Have him sell the car and get somthing that is more resonable for his circumstance. It is sad to see function give way to form. Keep up the good fight, your examples should eventualy be rewarding in his life. Quote Link to comment Share on other sites More sharing options...
Mikelly Posted December 30, 2007 Author Share Posted December 30, 2007 We're carrying a note in his name for a couple of months to help him "build" credit. Once we've paid the note on it, we'll let the insurance company know that the lean has been removed. Not knowing enough about the banking industry to know which will help him more, I'm just going along for the ride and letting the $15K sit in the bank. Mike Quote Link to comment Share on other sites More sharing options...
phil280zxt Posted December 30, 2007 Share Posted December 30, 2007 We pay $275 a month for my 18 year old son's 2001 Jetta 1.8T. No tickets, warnings or accidents. His only crime, being a young driver. I can't imagine what the rate would be if he did get a ticket or worse yet, get into an accident. What's bothering me now is paying that amount every month while he is away at college. He comes home every 4 or 5 weeks and drives it for the weekend. I need to look into suspending it while he is away..... Quote Link to comment Share on other sites More sharing options...
wheelman Posted December 30, 2007 Share Posted December 30, 2007 My son had the same rude awakening. Before he joined the Airforce he managed to acquire 3 speeding tickets. The first one we deferred so it wouldn't show up on his record but he didn't go 3 months before he'd gotten another which meant both showed up at the same time. When we talked to our insurance agent he said none of the tickets will show on his record until a major change is made in our insurance (add/delete a car or driver) so his rates didn't go up. Once he shipped out and was stationed at his first base he had to get his own insurance and boy was he surprised. He managed to get it through Gieco but it still cost him about $250.00 a month just for liability. The high rates didn't seem to get through to him about his driving though. We visited him in DC summer before last and he drives like a maniac. His excuse is that everyone else drives that way but I sure saw him passing most of the cars on the highway. Wheelman Quote Link to comment Share on other sites More sharing options...
Guest TeamNissan Posted December 30, 2007 Share Posted December 30, 2007 Is Va like NJ in the sense ALL males under I believe 21 are on automatic probation regardless of record? That has cost me 1000's and if my mother wasn't nice enough to let me insure the xlt I had from 18-20 I wouldn't have been able to even own a car. On top of the rates they required I pay the ENTIRE year up front. These days I don't pay much though in my own name. That was great motivation for me to keep my record both lic and insurance clean, I'll tell you that. Quote Link to comment Share on other sites More sharing options...
woldson Posted December 30, 2007 Share Posted December 30, 2007 We're carrying a note in his name for a couple of months to help him "build" credit. Once we've paid the note on it, we'll let the insurance company know that the lean has been removed. Not knowing enough about the banking industry to know which will help him more, I'm just going along for the ride and letting the $15K sit in the bank. Mike Iam no expert on loans, (the ONLY one i carry is on my house and the one I inherited from my wife's schooling when I married her), building criedt could be left him presonlly. Hopefully, you dont have to much liablity on holding that note. Regardless, seems you have everything under control and just expressing fustration openly. I love my children to death and accept that the road my be a bumby one, kinda like working on a old Z! (Not that I have a old rust bucket, but I've been reading for years, gleaning others perpectives.) Quote Link to comment Share on other sites More sharing options...
hoov100 Posted December 31, 2007 Share Posted December 31, 2007 i am amazed at how you guys manage to have such high rates without doing anything. Quote Link to comment Share on other sites More sharing options...
Mr.INSANE Posted December 31, 2007 Share Posted December 31, 2007 The Insurance I have on my truck is basically I wreck it, its gone insurance. Keep's me driving nice and safe Knowing that without my truck id have to walk everywhere definetly makes me a safer driver Quote Link to comment Share on other sites More sharing options...
Mikelly Posted December 31, 2007 Author Share Posted December 31, 2007 We're co-signers on his loan. We won't be on his insurance policy, and basically I've got the collateral to cover the note. We're simply helping him build a positive credit history since he has no history at all. His other car was a signature loan in his dad's name. Craig want's to eventually buy a house, and he'll need a credit history to show for it when it comes time to qualify for the note on the house. So we're helping him in that regard. Since I'm paying the loan off in a few months, He won't ever have an issue of not making the payment. We're getting gap insurance to cover it if he were to have an accident. Otherwise, I'm not sure there is any other liability I'm assuming. Mike Iam no expert on loans, (the ONLY one i carry is on my house and the one I inherited from my wife's schooling when I married her), building criedt could be left him presonlly. Hopefully, you dont have to much liablity on holding that note. Regardless, seems you have everything under control and just expressing fustration openly. I love my children to death and accept that the road my be a bumby one, kinda like working on a old Z! (Not that I have a old rust bucket, but I've been reading for years, gleaning others perpectives.) Quote Link to comment Share on other sites More sharing options...
Mikelly Posted December 31, 2007 Author Share Posted December 31, 2007 Car insurance here in Va. is very expensive, especially for young drivers. My wife and I have her 97 BMW, my 2001 Porsche 911 Turbo, my 2004 Dodge Cummins 3500 and a Haulmark enclosed car trailer on it and we're paying $3000 per year full coverage with increased coverage amounts and an Umbrella policy to cover us beyond that. Mike i am amazed at how you guys manage to have such high rates without doing anything. Quote Link to comment Share on other sites More sharing options...
EvilC Posted December 31, 2007 Share Posted December 31, 2007 Car insurance here in Va. is very expensive, especially for young drivers. My wife and I have her 97 BMW, my 2001 Porsche 911 Turbo, my 2004 Dodge Cummins 3500 and a Haulmark enclosed car trailer on it and we're paying $3000 per year full coverage with increased coverage amounts and an Umbrella policy to cover us beyond that. Mike 3K a yr isn't that bad compared to us in the north. A few "tricks" to get insurance down is: 1. Tint - aint theft 2. Vin etched in the glass- anto theft 3. Alarm- aint theft 4. School grades- Usually every insurance has a discount for students doing well in school. 5. School address- only works if where you go to school is not in a city area. I used my school address for the insurance back when I had my BMW. 97 528i with 80k was going to cost me 2800 a yr in the city and cost me 1500 a yr because my school was 5 hours away in the middle of no where. Mind you I was 20 at the time and had 2 speeding tickects and 1 unsafe start ticket...all resulting in points on my driving record. All three tickets from the same cop within 2-3 months....thats another story. 6. Defensive Driving- good for 10% off quote Those are some of the things I can think of off the top of my head. I wanted to get a STI but being only 23 with a clean record now besides a cell phone ticket...insurance would be nuts!! Quote Link to comment Share on other sites More sharing options...
Sam280Z Posted December 31, 2007 Share Posted December 31, 2007 A safer way to help some one build their credit is to make them an authorized user on a credit card that has a good history (no late payments, etc...). They do not need actual access to the account (no CC#, pin, etc...). All credit history of that account will be attached to the person you are helping with no worry of a loan default or late payment affecting you. Sam Quote Link to comment Share on other sites More sharing options...
Mikelly Posted December 31, 2007 Author Share Posted December 31, 2007 We've done that as well. This will add in that same direction of "building" good credit. Mike A safer way to help some one build their credit is to make them an authorized user on a credit card that has a good history (no late payments, etc...). They do not need actual access to the account (no CC#, pin, etc...). All credit history of that account will be attached to the person you are helping with no worry of a loan default or late payment affecting you. Sam Quote Link to comment Share on other sites More sharing options...
Mikelly Posted December 31, 2007 Author Share Posted December 31, 2007 Well we tried some of those to no avail. I have loJack on my Porsche, and it didn't effect the insurance rate one bit. Etched glass was the same thing, along with tint. My agent didn't want to hear it...All our vehicles have alarms and that's all the "bonus" we got... We did get our multi-car discount, which helps, and once a few incidents/tickets of my own drop this year i should be down to around $2500 per year. Mike 3K a yr isn't that bad compared to us in the north. A few "tricks" to get insurance down is: 1. Tint - aint theft 2. Vin etched in the glass- anto theft 3. Alarm- aint theft 4. School grades- Usually every insurance has a discount for students doing well in school. 5. School address- only works if where you go to school is not in a city area. I used my school address for the insurance back when I had my BMW. 97 528i with 80k was going to cost me 2800 a yr in the city and cost me 1500 a yr because my school was 5 hours away in the middle of no where. Mind you I was 20 at the time and had 2 speeding tickects and 1 unsafe start ticket...all resulting in points on my driving record. All three tickets from the same cop within 2-3 months....thats another story. 6. Defensive Driving- good for 10% off quote Those are some of the things I can think of off the top of my head. I wanted to get a STI but being only 23 with a clean record now besides a cell phone ticket...insurance would be nuts!! Quote Link to comment Share on other sites More sharing options...
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