And the more I think about it, the ins. stuff doesn't make much sense.
Have tall actually investigated this? I sold cars for two years and I have a 19 year old driver aty house. As far as I know, the insurance rate is the same whether or not you own the vehicle or its just you being on your parents policy.

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Posted by X123F45

Member since Apr 2015

27540 posts

Posted on 7/14/15 at 9:13 pm to alajones

quote:
years and I have a 19 year old driver aty house. As far as I know, the insurance rate is the same whether or not you own the vehicle or its just you being on your parents policy.

Scamming the insurance company. He doesn't live with them so they don't have to list him as a driver.

Trashy.

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Posted by Dorothy

Munchkinland

Member since Oct 2008

18153 posts

Posted on 7/14/15 at 9:18 pm to alajones

Aside from the insurance, he said the truck is completely paid for and he's just paying his parents a monthly "note". I'm assuming they paid cash for it, so they saved on finance fees/interest. Plus OP's credit (or lack of credit history) probably wouldn't have helped him get a decent interest rate, so I can see how his parents paying for it and him paying them back would've saved $. But that still doesn't explain having to put it in their names, except for them to have more control over him.

ETA: Insurance could be less if they don't have full coverage on the truck. Since it wasn't financed, full coverage wouldn't be required, right?

This post was edited on 7/14/15 at 9:25 pm

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