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Insurance: What to do when your child passes their drivers license
By John Grant Q: Your teenage son or daughter has just passed their drivers license test and will now be driving the family car. What should I do about the insurance? A: Firstly, tell your insurer. If something material changes in regard to your insurance then you are required to notify your insurance company. This is an underlying fundamental principle of any insurance contract.
Whether or not your policy provides cover for under 25 year olds to drive the family car, you must formally advise them of this change in your family status. If the car they plan to drive is high-powered, high-valued, or sporty, then expect to find that your insurer may be somewhat reluctant to extend the cover to a teenager who is newly licensed. You are better to establish this now than at the time of making a claim. You can expect that another, separate excess will be specified by the insurer for the new driver. The excess will undoubtedly be higher if the person is male, under 21 and with less than 2 years driving experience. Other factors that are likely to increase the excess are the type and engine size and value of the car to be driven. Also any factors such as convictions (yes, people have been known to be ticketed on the way home from getting their license) and even the frequency of use will have an impact on the final excess amount.
A major benefit of doing this is not only the fulfilling of the requirement to disclose material changes, but that you are starting to establish a track record of insurance history for your son or daughter. This will help them in obtaining insurance when they get their own car and potentially at a lower premium than someone without any previous track record. The downside is that you will almost certainly pay additional premium and have an excess applied while the vehicle driven by them. This however does create certainty of what will happen if a claim should arise.
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Alistair Helm, CEO of Realestate.co.nz,
Alistair Helm, CEO of Realestate.co.nz, says “January saw just 10,272 new listings coming onto the market, down from 10,349 in December. Even though the start of the new year traditionally shows a strong lift in listings to take advantage of increased summer activity, for the first time in four years the January figure has been lower than December.350-050
In addition, the national asking price in January fell to $405,040, a 1.8% drop from December figure of $412,319, and a further slide of 3.5% from November’s $419,586. The January figure remains 5.6% below the market peak of October 2007 when the asking price reached $429,033.352-001
However, while some vendors may be lowering 640-460
their price expectations to expedite the sales process, buyers appear to be biding their time in the expectation that prices will fall further in an increasingly crowded market.640-553
Alistair Helm continues, <a href="http://www.pass4sure.org/Cisco
Alistair Helm continues, 640-822
The level of sales remains static, showing no significant improvement. As a result, the inventory level of unsold houses has shot up significantly, 640-863
as measured by the number of weeks of sales necessary to clear properties on the market. In December, the inventory level was 34.3 weeks, but this jumped to 40.1 weeks in January, the highest since April last year.640-721
“All three key indices from the January statistics, i.e. asking price, new listings and inventory level, show an absence of expected seasonal swings. This lack of typical seasonality underscores the state of dormancy within New Zealand property, and further highlights the fact that it continues to be a buyers640-802
market,640-816
he says.
Yes, biding your time is
Yes, biding your time is very wise642-164
if a buyer. Wait to see what changes are made to tax laws and watch for those OCR changes in the coming months.642-105
We all know wages can not compete with current ridiculous house prices. While I'm sure a degree of "˜feudalism' will continue in the NZ housing market, it will become a very poor investment choice in years to come.642-072