SOLVED [Ontario] Car Ownership and Insurance questions - for drivers still living a home with their parents
Cosmic5, our RFD resident insurance broker was nice enough to advise me to ask my insurance company if she can only be rated on the one car that she will be driving. With TDMM, because there will be three drivers, one of us will be assigned to each of the vehicle. It will drive the insurance on this one car to about $2,900 when it is currently sitting at $700 or so.
Cosmic5 also confirmed that I could transfer ownership to my daughter and then have her apply for her own insurance policy. I tried simulating this using Sonnet's online quotes and noted the following:
- If she is the only driver, she will pay around $250/month, which is about the $2,900 TDMM is quoting me
- If I add myself as an additional driver to her policy, the premium drops to around $140/month.
Question 1: Am I really allowed to be included as an additional driver in her own auto insurance policy? My driving record seem to make her insurance premium drop by at least 40%.
Also it seems I am left with two options:
- Sell my beloved 02 Civic and maintain the remaining two vehicles in the next year or so. Most likely purchasing a BEV in early 2019 if the $14k rebate is still intact.
- Sell the Civic and get her a used vehicle subsequent to getting her an independent insurance policy. In this case, I would get a vehicle with electronic stability control and a few other safety features. My Accord coupe has less visibility and only have ESC as a tech nanny and it's almost considered full-size.
Question 2: Which of the two options would you take as a parent? As a child, of course I would like to have Option 2.
I like the flexibility of a third vehicle but I really don't go out much besides to and from work but I like the convenience of having a beater car to drive to the Go Station. We have a toddler who attends daycare now but will be in JK in September so in terms of emergencies, maybe the older daughter will be able to pick her sister up. My current boss and colleague are very considerate so it's not like I cannot take the Go Train, pick the daughter up and work from home.