Insuring A Car You Don't Own
"Some companies will list the young adult as the 'named insured' on the policy with the parents listed as having the financial interest," Newman says. "Some companies will only issue a policy to the legal owner with no exceptions. Other companies will insure the car, list the young adult driver and charge a rate based on the primary driver's [the young adult's] age, driving record, mileage to work, garaging location, etc."
Honesty is the best policy
Above all, be honest with the insurance company, Newman says.
"The best first approach is full disclosure," he says. "A lot of times folks think they can save a few dollars today by not disclosing everything, and that can be really dangerous. Part of the contract you sign says you are going to provide full information."
If you try to pull fast one on the insurer, you might find yourself without coverage and be on the hook for tens of thousands of dollars if you cause an accident."I've seen it happen, and it's very unfortunate," Newman says.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV