Should I continue as a named driver or get insurance in my own name?

BusyBeep

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I am 25 and in the process of buying my 1st car.
I've held my full license for 2 years and have been insured on my parents car for the entire 2 years. No claims or penalty points.

The cheapest quote I've had for my own insurance on this new car is circa €980.

It works out much cheaper to insure the new car in one of my parents name and continue as a named driver on both cars.

I wonder if I am better off in the long run to insure it in my name now, so that I'm building my own no claims bonus. If I do go down this route, is it likely that my insurance cost will dramatically decrease next year when I go to renew?

Would it be more sensible to insure it in my Dad's name even though I own the car? He has named driving experience, not full no claims bonus so the cheapest if we go this route is circa €750.

Is it legal for me to own the car but for the insurance to be in his name?
 
My son was in a similar position - he took the insurance in his own name and paid quite a bit for the first year - then it came down and is much cheaper now as he has built up a no claims bonus. You will have to start sometime so you might as well do it now.
 
Oh ok. Thanks for that. I want everything to be above board. That's why I'm asking.
If it helps, I got my first car in 2007 at the age of 28 and was quoted €800 that year (3rd party) so allowing for inflation and how much more expensive car insurance is supposed to have gotten, that sounds like a good quote!
 
Personally speaking I think that's a good quote, back in '87 when I was 20 full licence IIRC I was quoted ir£2k and in the early noughties for high powered performance cars I was quoted in and around €2k as well, this is because I was always on a company policy from the day I started driving
Now today I pay around €300 for insurance and I sure after driving and building up your NCB over the next few years your insurance will come down in price as well
 
Thanks for your help everyone. That's very reassuring on the insurance side of things.

Just to update:
I went for a test drive today, fully prepared to purchase. This presented a new problem for me.
The car: 2L VW diesel Beetle; was lovely to drive and I was really happy with it overall. It's working out at 11k with a 6 month warranty.
I wasn't overly impressed with how I was dealt with though. The salesman mentioned a number of times that another girl is coming to view it tomorrow and that I should purchase immediately or else it would be gone. It nearly seemed that he has already done the deal with the other girl and wasn't prepared to negotiate with me at all.

There is a similar car 1.6L in a different garage that's working out at 9950 but is a lower spec.
I have loan approval of 11k.

Should I go for the smaller engine and pay the remainder off the loan or go with the car I originally had in mind?

Thanks in advance again for your help.
 
Smaller engine, lower spec = cheaper insurance.

What kind of driving do you do? If the journeys are all short ones, a diesel engine is *not* for you. Is there a difference in motor tax between the two cars? The likelihood is that the diesel engined car will depreciate much faster than the petrol-engined car.

If all other considerations are equal, age, recorded mileage, condition the petrol car makes more sense to me.
 
The car: 2L VW diesel Beetle; was lovely to drive and I was really happy with it overall. It's working out at 11k with a 6 month warranty.
This warranty is in addition to your consumer rights, as set out in this link below. When you, as a consumer buy a 2nd-hand car from a car dealer, your rights are the same as if you were buying a new car. Read the ink below carefully and in the event you have difficulties with your car follow the steps laid out below carefully.

Do not sign any SIMI contract you are offered, you are not obliged to. They'll probably feed you a load of waffle about their paperwork requirements etc. Their paperwork needs are their problem, not yours. You need to sign the change in registration details form (they'll post it out) and you need an invoice from them showing the full details of the car you are buying.

Are you using dealer finance? You might be better off shopping around for rates.

Don't be conned by the sales tactics; there is no shortage of 2nd-hand cars at the moment, if anything there's a glut and I'd imagine demand is at an all-time low.

 
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Mathepac,
Can I ask why you would advise not to sign the SIMI contract ??
It's been awhile since I last bought a car and I'm sure I've probably signed the contract at that time and all the other times that I've purchased vehicles
Is it just that it's not necessary or is there something that we as consumers should be aware of
 
My 25 year old daughter got cheaper quotes by adding her mother as a named driver. Liberty was the cheapest for her this year on her 1.6 diesel VW Golf.
 
SIMI represents motor traders, the paid-up members of the society. It is highly unlikely they can represent both their members and consumers fairly. Their complaints service is described in the link I posted above.
 
My 25 year old daughter got cheaper quotes by adding her mother as a named driver. Liberty was the cheapest for her this year on her 1.6 diesel VW Golf.
I've done the same. If you add an experienced named driver it seems to reduce premiums.
 
Mathepac,
Can I ask why you would advise not to sign the SIMI contract ??

You don't need a contract to purchase a consumer good. You have statutory rights to protect you and an industry-standard contract is doubtless drawn up in favour of the dealer. All you need is an invoice.
 
some companies will give you credit for the two years you have been named on your parents policy and you might get a 20/30% introductory NCB starting off.
 
Thanks for your help everyone. That's very reassuring on the insurance side of things.

Just to update:
I went for a test drive today, fully prepared to purchase. This presented a new problem for me.
The car: 2L VW diesel Beetle; was lovely to drive and I was really happy with it overall. It's working out at 11k with a 6 month warranty.
I wasn't overly impressed with how I was dealt with though. The salesman mentioned a number of times that another girl is coming to view it tomorrow and that I should purchase immediately or else it would be gone. It nearly seemed that he has already done the deal with the other girl and wasn't prepared to negotiate with me at all.

There is a similar car 1.6L in a different garage that's working out at 9950 but is a lower spec.
I have loan approval of 11k.

Should I go for the smaller engine and pay the remainder off the loan or go with the car I originally had in mind?

Thanks in advance again for your help.

Your problem asking this question on here is that you'll get a load of "sensible Da's" (I include myself in that category) who will advise, for a first car and relatively low usage, to get the smaller engine, cheaper car with lower insurance. That would be my suggestion even though I know the look and feel of the car might be much more important to you (as it would for my daughter). That's the "sensible Da" advice.

I would definitely ignore the sales pressure from the sales guy. Historically they are really condescending to women - and given our recent experience I'm not sure that has changed much. There are lots of cars in the market (even if you really like this one) and given the current environment, I would think a buyer should have a bit of bargaining power. You should always feel free to walk away

I hope it all works out for you either way - best of luck
 
HI Busy Beep
Re your insurance query. My 21 year old daughter got an excellent quote on her first car with Boxymo Insurance ww.boxymo.ie

She had recently passed her test. The quote was €1,100, fully comprehensive in her own name. It also starts her making her own no claims bonus. The company fit a black box in the car, so if you are speeding, you will be advised of same by text message.

Certainly worth checking out.

Good luck & drive safely
 
Sounds like a reasonable premium to me.
I’d consider comprehensive though. Any time I got a quote it only cost €50 or so more.
 
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