New driver on car insururance

[AlDente67 563]

My son is going through drver training tii gt his provisional license soon (he turned 16 on Holloween).Richght now, I have a cay siting in th drive , expired sticker, uninsured, but titled to me .   friend sold it to me after he moved his family overseas. for the princely sum of $1200 (1998 Mercedes E430 with two sets of custom wheels).  I know the care personally and how it was maintained over the years, hence why I thought that  a good srarter car at only only 300hp,lol).

 

 

Since we have NJM, I know we can't beat the rate, whatever it will be to add hi to our policy  I'm thnking not to cover and collission, since that portion of the premium would equate to the value of the car alone within 2 years.  I know they are are going to sock us on liability any way we slice it  Does that about sum it up?  I'm guessing some might say to put him in something slower, but it is virtually imposssble to get a a car in that range that actually runs, let alone has known history (we have been friends for 16 years).

[Howard 538]

You may likely end up paying less for the three cars than you pay for just two newer cars with collision coverage as they will mandate he be rated on one of those. If you make him primary driver on the "junker" with no collision it could save you a lot of money.  I did something similar in the early 1980's.  My wife and I had two new cars and I bought a Plymouth Scamp '73 for $500 and had that as my drive to work car with minimal coverage rather than my new Volvo 740 GLE - the insurance on the three was cheaper than it had been on the two as the Volvo was now listed for low milage not to work.  I also sold that car a few years later and got $200 more than I paid for it with another 20,000 miles on it.

[Heavyopp 167]

I just put my 2nd male new driver on the policy 3 weeks ago -- I already had the car he will be driving insured -- 97 lincoln continental with 54,000 

 

He added $200 every 6 months to the policy -- Thing is they list the new drivers on whatever vehicle is cheapest -- doesn't matter what vehicle they are listed under just matters that they are listed as a driver in your household -- they can borrow a car

 

 there are 5 vehicles on my policy with 2 "new"drivers -- one is 20 years old but still considered new to the insurance co --  

 

Good student discounts, driver training discount -- bring a report card if you qualify

[jm1827 284]

Just went through this with my daughter, we have NJM also.  She turned 17 in October, our premiums went up around ~ $400 a year give or take.  We had 2 cars, comp and collision on one (my wife's of course) and only liability on mine.

 

We added a 3rd car, a 2013 Mazda, which will be my daughter's car and the rates increased by another ~ $300.  We have comp and collision on the "new" Mazda.

[mike 14]

I have NJM also look into there umbrella policy one million dollar coverage roughly 650.00 year with new drivers its always good to protect your assets .