Insurance options for teenagers

[Bird]

So Cammo passed his P plates today, yes I'm ****in scared (... at how actually careful he drives and how far back he sits from other cars but he did have an awesome teacher  )...

Bloke at work is selling an old Commodore (2003) for 2500.. .nothing flash, perfect first car with roady... so happy with that.

What is the best option for insurance for teens? Insure car in my name and add him as a driver?

Did the Coles online insurance quote for an idea, bit more than I expected for a cheap car ..
Your Third Party Property Damage Insurance quote $763.53
Full comp - $1454.55

Blows my mind at how much some teens in new or some of the imported cars like skylines/s2000's etc etc must be paying!

Thoughts?

[Brodie Tas]

Being insured in you name will be the cheapest option, i had prpblems when i was 17 getting insurance i saved up ( worked my ass of on a 1st year wage) and brought a gu turbo diesel patrol i then was knocked back from insurance companies because i was driving a turbo so i had to put it in my mums name and me as a listed driver

[Pottsy]

We put all our kids cars in our names for insurance purposes when they were young, did this until they turned 21.
5years driving under their belts by then, treated as adults and premiums became a bit more realistic.
Hard to fathom a 2.5k car costing $750 to insure and how they expect teenagers to afford it.

[Hookie]

Possibly might depend on the insurance mob and how they do their rating. When I worked on insurance software in the USA, a lot of mobs would automatically rate using the highest risk listed driver, regardless of who was primary. Not sure what regulations apply here. 

Not sure if it still works the same now, but when I was young I had some mates who shared their parents cars and insurance and after a few years when they finally bought their own insurance they got their parents full no claim bonus.

[Brij]

We put all our kids cars in our names for insurance purposes when they were young, did this until they turned 21.
5years driving under their belts by then, treated as adults and premiums became a bit more realistic.
Hard to fathom a 2.5k car costing $750 to insure and how they expect teenagers to afford it.

My first car (back in about 1990) , on a 1st year apprentice wage ($160/week), cost me $5000.......and $2500/yr for full comp insurance 

[KeithB]

We did third party property for my wife's car and our daughter's $3000 RAV4. We saved on premiums for sure. But my 22 yo daughter's excess stayed at $1,750 as did the excess on my wife's car when driven by our 18yo.
But the real kicker came when it was time to buy a green slip, which increased in price due to the  third property insurance cover to the extent that it ended up saving us very little.
Full comprehensive next time for us.

[peter2904]

Our kids drive our cars but we have them listed a driver on the insurance.  Costs a little more but if they are not listed the excess doubles for any claim.

[chester ver2.0]

Is not 3rd party property and public liability included in the registration. (Green Slip in NSW)
If so why would you bother insuring a $2500.00 car at all

[jwb]

I'm guessing,
To cover damage costs  for the other car in a " at fault" scenario!

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[Bird]

My first car (back in about 1990) , on a 1st year apprentice wage ($160/week), cost me $5000.......and $2500/yr for full comp insurance 

F. Ark.

[KeithB]

Our the 17yo in our ageing Kia Rio ran up the arse of a BMW 7 Series. Third party property took care of his damage after the $1,750 excess. But we were left with the repair bill on the Kia. With comprehensive insurance, it all would have been covered under the one excess. With the third party property the green slip took care of most of the saving in premium.

[Paddler Ed]

Is not 3rd party property and public liability included in the registration. (Green Slip in NSW)
If so why would you bother insuring a $2500.00 car at all

Because CTP Green Slip is only the medical costs of the third party, not property.

[chester ver2.0]

Because CTP Green Slip is only the medical costs of the third party, not property.

Ahh got it...... i have owned company cars for the last couple of years and i have people who ring other people to look after such details

[JCAT]

We insured our daughters Lancer for 3rd party, fire and theft under her name. Cost around $450 for the year, fully comp was about $1500 which I struggled to justify on a $5000 car.

Whilst getting all the quotes we tried all scenarios, us as owner, her a listed driver etc and found as soon as we listed her the price went right up. Trouble is, if they are not listed then they don't start getting a rating and will eventually get stung huge $$$$.

[GeoffA]

Son had 3rd party only on his first car. Got Liberace'd on the freeway by a bogan P-plater in an 80 series towing a loaded tandem trailer. Pushed him into the back of a Hilux. His car was obviously totalled. The bogan P-plater had full comp with the same company, but he had no cash for the excess. The insurance company refused to act until they got their excess, so Son was without a car. We went to the house but got the predictable response from bogan parents. Fortunately bogan P-plater's BIL had some principles and paid the excess for him.....a lucky let-off, and a lesson learned.