So my boyfriend's parent's got him a 2003 Hummer H2 while he was in high school. I started dating him a couple years later and his mom wants us to pay for the loan/insurance. She said it costed $1,000 per month and she wants half.

I'm an accountant and I figured the loan payment can't be more than $400 per month based on what they said they paid for it. Is there any way insurance is $600 a month with 2-3 people insured?

Thanks!

 

LOL....whats his driving record like and all others on the policy? Credit rating also pays a part of insurance as do many other things. Best thing to do is shop the insurance.

My premium is pennies a year but I am 49 with a spotless record.

I'm also a dad and could not imagine buying my kid a car then asking for half the payment back. There must be more to this story.

Tim

 

I can only imagine that auto insurance for a high school aged boy in a hummer would be astronomical! I had a regular cab truck that I bought for $2,500 when I was 16 years old and my insurance was $200 a month on an absolute piece of crap truck... also that was 23 years ago and I had a clean driving record no accidents or tickets. I could easily see it being $600 a month to insure a 16 year old in a "luxury" 4x4 that originally cost $50,000

 

His dad is an alcoholic. He works on oil rigs, but always loses his job. She claims they can't afford it, but we asked her to trade it in over two years ago. To this date she still won't trade it in. In my personal opinion she doesn't like him (or maybe me.) I can't see why else she would do this to him.

As for his record, he got a deferred sentence for an open container. That was about when he first got the car. Since then he's gotten no tickets for anything. I'm not sure how the charge would affect the insurance since it was deferred. I still can't imagine it being anywhere near $600 bucks a month.

Galaxy Girl

 

Its likely the charge was not deferred, just the sentence. Plus as mentioned a LOT of factors come into play. The driving record of every person on the policy. The credit rating of whoever has the policy in their name, the age of each driver, the vehicle itself, the coverage levels (comprehensive, liability only, etc), the deductible, etc, etc.

Very often if one stays with the same insurance company a long time you need to go sit down with the agent and renegotiate your rates. They will reduce them if all things are good and they feel like you might go to a competing company.

 

What is this in the communist state of New York or California. I pay full coverage 500 deductible, 316 every 6 months on my 03.

Shop around for some new insurance.............................

 

When I was that age with one speeding ticket insurance wanted $500 per month in MN full coverage for a corvette, subsequently I sold the vette! Alcohol related tickets are far more serious and if others on the same policy have similar issues insurance can be astronomical. Tell mom and dad to keep the H2 if they won't trade-in on something more conservative. I'm 44 currently and pay $100 per month full coverage on my 08 H2 in FL with a clean driving record for past 17 years.

 

Insurance companies don't care about anything being deferred. It has no legal implications for them. What they are only concerned with are the facts. Then there actuaries calculate what the possible losses could be etc. Basically, they guarantee a profit. If you have ever walked into a headquarters of an insurance company you would think it was the Vatican. The toilets are gold plated.

Let's see; young, drinking and driving, the weight of the vehicle. You got a lot of things stacked up against you. About the only thing you can control is the weight of the vehicle. If you have to pay for it, get something that is going to get your premiums lowered. Might as well think about mileage while your at it.

Not sure who owns it? That's another factor on the insurance issue. If it is his dad, that might be another problem from how you described him.

At this point in your life, the H2 is more of a toy in your life. If you can afford it, go for it. But it sounds like it does not fit in. You guys have a lot of time for toys later in life. Then again, I never listened to this advice. Lol

 

Give her the Hummer back and go buy your own car. I always worked for my vehicles and made my kids do the same. They will appreciate it later in life when the work ethics you instilled in them pay off.

 

Hmmm......
I have a 2005 H2 that I only carry liability insurance on; not comprehensive and collision.
I own it outright. If your vehicle is financed then you must carry full coverage.
I pay $259.86 every 6 months ... but if were to wreck my H2 ..... Then I get nothing if it was my fault.
I'm an old guy and have never had an accident that was my fault so my rates are low.