How much is insurance for an 18 year old male?

Question

I turn 18 on the 24th and my aunt and uncle are giving me their mustang. Its a 2000 ford mustang.. Anyways, they are actually putting it in my name. But before i lived with them, i was paying only liability and that was 200 a month. Does anyone know how much full coverage would be? Just wondering so I can know what to expect on car insurance cost.

Answer 1

Help yourself:) You can easily check quotes in internet, for example here: http://autoinsurance.undonet.com

Answer 2

How much stuff do you own? Do you still live with your parents or depend upon them for financial support. If so, how much stuff do THEY own? Get enough insurance to cover a substantial percentage of your (or your parent's) net worth, perhaps at least 40%. Good coverage or your age would be $50K/$100K. If you live with parents, consider $100K/$300K.

Answer 3

In addition to what the gentleman above has stated, please ask about asset protection strategies.  You are young and you probably think, "I'm a good driver."

Such a person was loaned the money to buy a car.  He did.  He had an accident for which he was not, not, not at fault.  A passenger sued his aunt.  The lawyer took her to the cleaners...to the tune of $950,000 (which avoided the one million dollar demarcation).  The aunt only provided the money for the car.  She lost her life savings.  

Insurance has limits and exclusions.

You must, must, must ask your aunt and uncle to speak with someone about asset protection strategies.

As an example, if they own a home as Joint Tenants they are in massive danger of losing the home to a lawsuit.   One accident can wipe out the entire asset.  If an attorney, under your state law, extablishes a nexus between you and them, it could be devestating.

Speak with someone who can assist your aunt and uncle.  

Lawsuits are serious business.

Unless you live in Nevada, I do not practice in your state, so I cannot legally offer you anything but generic comments which are not to be considered 'advice'.  Speak with an attorney licensed in your state.   Please.