Resolved Question
Can you own one car with no insurance while being a named driver on a comprehensive policy?
Hi
I am a named driver on my parents car who have a comprehensive policy. I am planning to buy my own car and still be insured on theirs. Does this mean I do not need a separate insurance for my own one?
PS: I am under 25 years old.
I am a named driver on my parents car who have a comprehensive policy. I am planning to buy my own car and still be insured on theirs. Does this mean I do not need a separate insurance for my own one?
PS: I am under 25 years old.
Best Answer - Chosen by Asker
In the UK? NO.
You WILL need separate insurance for your own car.
Your parents can insure you as a named driver, to drive their car, in which case their comprehensive cover will extend to you, while you are driving their car only.
With your own insurance, if you pay extra, you can be insured for driving any other car, eg your parents' car (but not worth bothering if they have already added you as a named driver).
If, once you have insured your own car, your parents remove you as a named driver from their own policy, then when you drive their car under your insurance on your own car, it will usually be 3rd party only. This is the minimum allowed under the law and is only really intended to allow people who have bought a new car to drive it home. It only covers you for damages to a third party if you are found at fault. (so if you crunch your parents' car into a tree, then they won't get a penny).
You WILL need separate insurance for your own car.
Your parents can insure you as a named driver, to drive their car, in which case their comprehensive cover will extend to you, while you are driving their car only.
With your own insurance, if you pay extra, you can be insured for driving any other car, eg your parents' car (but not worth bothering if they have already added you as a named driver).
If, once you have insured your own car, your parents remove you as a named driver from their own policy, then when you drive their car under your insurance on your own car, it will usually be 3rd party only. This is the minimum allowed under the law and is only really intended to allow people who have bought a new car to drive it home. It only covers you for damages to a third party if you are found at fault. (so if you crunch your parents' car into a tree, then they won't get a penny).
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Other Answers (2)
- You will have to buy your own insurance since if you buy the car on your own name than you will have to buy insurance on your name.
If you want to continue being insured as a named driver as before to save on auto insurance, since the rate for 25 year old will be higher than your parents insurance rate. However, the insuance record built up will not be your name and hence ou will not qualify for any no claim bonus.Source(s):
- The comprehensive policy means that it covers more than just auto accidents (theft, vandalism,weather, etc.) on the cars that are on the current policy. Your car will need to be added to their policy. Driving a vehicle without insurance is illegal in most states and can lead to fines or even jail!
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