4 ms·

If you have a car on your parents insurance, you are not building up your "damage free years". So it's better to just pay for the high insurance at a young age

If you have a car on your parents insurance, you are not building up your "damage free years". So it's better to just pay for the high insurance at a young age so you will enjoy low insurance later on in life. At 26 I was already at the maximum of 80% discount on my car and motorcycle insurance.

hvidgaard 8y ago
It depends on the country I suppose. In Denmark most insurance companies offer "elite" status as long as you're 30 with no prior accidents to your name.
maccard 8y ago
It's cheaper for my younger brother to be on my parents insurance until he's ~25, and _then_ start building a no claims bonus than it is to start building the NCB now. Paying €1200/year for 4 years and then taking out his own policy starting from fresh is cheaper than paying €3000+ for his own policy and it gradually decreasing over the next 4 years.
- systemtest 8y ago
  I guess it depends on the country and insurer. I insured my moped by myself at the age of 16. Paid €150 per year which was a lot of money for me. When I bought my first car at the age of 22 I only had to pay €300 per year for liability because my no-claims bonus was almost at the maximum amount.
  - wink 8y ago
    Yeah it absolutely depends, I've seen a lot of calculation models so please don't take anything I wrote above as advice, was just trying to show a different side. FWIW, for me it was: car insured with parents until I was like 23 I think, and those first 4-5 years were cheaper by A LOT. And then I could still claim my "no accident/damages in 5 years" fee reduction, although maybe not as much as I could've gotten. But money was a bit tight, so it wasn't really a question of "will this save me something in 10 years" more like "I prefer to have a car (first own, cheap one)" over "nope, no car".

4 ms·

If you have a car on your parents insurance, you are not building up your "damage free years". So it's better to just pay for the high insurance at a young age

by systemtest 8y ago

hvidgaard 8y ago
It depends on the country I suppose. In Denmark most insurance companies offer "elite" status as long as you're 30 with no prior accidents to your name.
maccard 8y ago
It's cheaper for my younger brother to be on my parents insurance until he's ~25, and _then_ start building a no claims bonus than it is to start building the NCB now. Paying €1200/year for 4 years and then taking out his own policy starting from fresh is cheaper than paying €3000+ for his own policy and it gradually decreasing over the next 4 years.
- systemtest 8y ago
  I guess it depends on the country and insurer. I insured my moped by myself at the age of 16. Paid €150 per year which was a lot of money for me. When I bought my first car at the age of 22 I only had to pay €300 per year for liability because my no-claims bonus was almost at the maximum amount.
  - wink 8y ago
    Yeah it absolutely depends, I've seen a lot of calculation models so please don't take anything I wrote above as advice, was just trying to show a different side. FWIW, for me it was: car insured with parents until I was like 23 I think, and those first 4-5 years were cheaper by A LOT. And then I could still claim my "no accident/damages in 5 years" fee reduction, although maybe not as much as I could've gotten. But money was a bit tight, so it wasn't really a question of "will this save me something in 10 years" more like "I prefer to have a car (first own, cheap one)" over "nope, no car".