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Insurance Question

Old 9/16/14, 04:30 AM
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Insurance Question

Got a question, hope someone knows. Live in Illinois, insure my cars through my employer. Up until now, was paying $998 a year for a 2014 Mustang GT and a 2010 Hyundai Accent.

My 20 year old daughter lives with me as well as her almost 22 year boyfriend. My mom recently gave up driving and gave me her 1999 Cadillac. I added my daughters boyfriend to the policy ( my daughter has yet to get her license, recently renewed her permit to get it). Just adding the Caddy and Brandon to my Policy bumped the yearly premium to $1688...ouch. I needed to as he at times takes my mom to the stores, etc when I am working and it wasn't an issue when she insured the car as she gave him permission to drive it.

So since I know I need to get my daughter on the policy soon so hopefully she can find a job ( there isn't much out here where I live, that is why neither currently have jobs) I asked how much it will cost to add her to the policy. I about fell off my chair, the premiums would jump to $3,754 a year. No way I can afford that, and I am assuming the biggest hit is on the Mustang.

I asked if i could exclude them as there is no way in hell they will ever drive it, hell they have never been in it. I have only put 1,386 miles on it since I picked it up in Feb. They said no, as they live in the household and technically have access to the cars.

Does anyone know if i could drop the coverage for the Mustang on that Policy and maybe get a Policy with another carrier that can add an endorsement specifically naming them and excluding them from driving the car, thus reducing the premiums on the Accent and the Caddy on my current Policy? I have no idea what to do as I can no way have my premiums go from the current $83 a month, to $313 a month. My wife is disabled and we barely get by now.
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Old 9/16/14, 05:41 AM
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Insurance varies by state, but the underlying issue is that you have two under age drivers in the household. Generally speaking, insurance companies define youthful drivers as being under 25. And your insurance company is correct....any member of the household who has a license must be listed as a driver on the policy because they do in fact have access to all of the vehicles.

Another red flag could possibly be Brandon's driving record. Has he gotten any tickets, been involved in accidents (at fault or not), or ever been arrested?

If your daughter had any similar issues while on permit, that would factor as well.

I've never heard of an endorsement which specifically names a driver but specifically excludes that person from using the car.

It doesn't seem like the Cadillac itself is the issue, even if you have Physical Damage coverage on it (Collision & Comprehensive). Physical Damage rates are mostly determined by the value of the car and a 15 year old Cadillac isn't worth all that much.

Liability coverage/premiums is probably the driving factor in your situation.

Based on what you've explained, it doesn't seem like you have many alternatives. About the only thing I can think of to save a few dollars is to insure your residence and the autos with a company that will offer a multi-car and Homeowners policy discount.

You can also increase the deductibles, but under no circumstances should you reduce your liablility coverage.

Again I stress that these are general rules of thumb.

Good luck.
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Old 9/16/14, 07:25 AM
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I work for esurance and am licensed to sell insurance in IL. That being said adding any driver regardless of age who is just getting a license skyrockets your rates. She could be 20 or 50, it wouldn't really matter since most of off of years of driving experience and in her case is zero.

The work around would be to have a separate policy with your daughter and boyfriend on one policy with the cars that they drive on one with just liability and another with your cars for full coverage. In the state of IL you can exclude a driver for any reason and they do not have to be on your policy if they have their own insurance even if they live in the household.

If you want shoot me a PM and I can get you a quote. I'd need basics such as full name and address.
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Old 9/16/14, 11:05 AM
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Yeah, I pay about 290 a month here in SC. My wife's two speeding tickets in her Sentra did not help at all, but that also includes high coverage renter's insurance as well (lots of computer equipment, firearms, expensive jewelry, etc.).
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Old 9/16/14, 02:34 PM
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WOW sounds like 2 people need to start paying for their insurance cost. I know it's against today's entitlement and hand out society but my kids all paid their own insurance from Day 1! I even let my oldest get his insurance cancelled because he was irresponsible and thought buying football Jersey's was more important than paying his car insurance. He figured it out and there is no longer a problem with that. Insurance in my opinion is a racket! In Florida I'm required to have insurance to cover other people's medical bills and the coverage doesn't cover squat so they end up suing you anyway.
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Old 9/16/14, 03:11 PM
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Originally Posted by shouldhavegottheGT View Post
I work for esurance and am licensed to sell insurance in IL. That being said adding any driver regardless of age who is just getting a license skyrockets your rates. She could be 20 or 50, it wouldn't really matter since most of off of years of driving experience and in her case is zero.

The work around would be to have a separate policy with your daughter and boyfriend on one policy with the cars that they drive on one with just liability and another with your cars for full coverage. In the state of IL you can exclude a driver for any reason and they do not have to be on your policy if they have their own insurance even if they live in the household.

If you want shoot me a PM and I can get you a quote. I'd need basics such as full name and address.
I understand that, but when I had her older siblings on my policy a few years back( one had a brand new car and the other a not so old used one) and even after 2 accidents they had, what I paid for them wasn't as bad as this. Actually, Brandons insurance amount isn't that bad considering he had his license suspended for having too many kids in the car right after he got his license and also a speeding ticket...that was over 3 years ago) but $2,100 for a female driver who will only use the cars once and a while? And yes...all of my kids have always paid for their own insurance, even when on my policy, but we now live in a small town out in the boonies where there are not a lot of jobs. This has to be a mistake.....I still think it has to be the Mustang GT being on the same polciy.....I may call them and see what the amount would be if I took the Mustang off this Policy and got a separate Policy exclusing them. I was only expecting maybe $1,200 a year to add her......
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Old 9/16/14, 03:18 PM
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Originally Posted by shouldhavegottheGT View Post
I work for esurance and am licensed to sell insurance in IL. That being said adding any driver regardless of age who is just getting a license skyrockets your rates. She could be 20 or 50, it wouldn't really matter since most of off of years of driving experience and in her case is zero.

The work around would be to have a separate policy with your daughter and boyfriend on one policy with the cars that they drive on one with just liability and another with your cars for full coverage. In the state of IL you can exclude a driver for any reason and they do not have to be on your policy if they have their own insurance even if they live in the household.

If you want shoot me a PM and I can get you a quote. I'd need basics such as full name and address.
I understand that, but when I had her older siblings on my policy a few years back( one had a brand new car and the other a not so old used one) and even after 2 accidents they had, what I paid for them wasn't as bad as this. Actually, Brandons insurance amount isn't that bad considering he had his license suspended for having too many kids in the car right after he got his license and also a speeding ticket...(that was over 3 years ago) but $2,100 for a female driver who will only use the cars once and a while ( and won't go near the Mustang)???? And yes...all of my kids have always paid for their own insurance, even when on my policy, but we now live in a small town out in the boonies where there are not a lot of jobs. This has to be a mistake.....I still think it has to be the Mustang GT being on the same policy.....I may call them and see what the amount would be if I took the Mustang off this Policy and got a separate Policy excluding them. I was only expecting maybe $1,200 a year to add her......

Last edited by JCStang; 9/16/14 at 03:20 PM.
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