Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 08-10-2013, 06:38 PM   #21
Full time employment: Posting here.
Join Date: Apr 2008
Posts: 702
I would take one step at a time. I just went through this with my son 4 years ago whe he turned 16. He first got the permit and drove wot he me for almost a year. Then he got the license but was only allowed to borrow my car for about a year. He then got his first car. He has been in a couple accidents one of which was pretty bad but no one injured but totaled both cars. He got another car and is a much more cautious driver he paid for the car and all expenses. He will be 21 in a month.

My daughter who is 10 years did not start driving until 19. She was in about 5 minor accidents only one of which she was at fault.

I have always carried a hefty umbrella policy since the daughter and son started driving.

FreeAtLast is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-10-2013, 06:44 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 13,211
Just wondering - if the OP does not have the car in the OP's name (say he sells it to DS for cheap) and his DS lives with the Ex if DS gets into an accident, how/why would the OP be liable?

While I know just about anyone can sue anyone, winning is another matter.

If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is online now   Reply With Quote
Old 08-10-2013, 07:06 PM   #23
Recycles dryer sheets
Olbidness's Avatar
Join Date: Jan 2009
Location: W. Galveston Bay
Posts: 137
Maybe I will just kick the can down the road. Stalling can be an effective solution. I had it in my mind that when you turn 16 you get a license and a car, that's what I did. I also had 2 major accidents by the time I was 18.

Worst case I stall for 2 years, my son is more mature and we do something like for every dollar he saves I match.

I look at my son and it scares me to turn him loose with a car knowing full well how I handled it.

I guess the side benefit will be my son will drive my Ex crazy about her getting him a car. Icing on the cake.
Olbidness is offline   Reply With Quote
Old 08-10-2013, 10:47 PM   #24
Thinks s/he gets paid by the post
Telly's Avatar
Join Date: Feb 2003
Posts: 1,436
Originally Posted by Buckeye View Post
Make sure your Umbrella policy is paid up although it might be expensive because the risk of being sued into oblivion because of any injury accident is high.
Excellent advice for anyone with... or without a young driver.

But with young driver(s), I would consider it mandatory!

In my opinion, a car crash could be the quickest ticket to have to unretire, or to kill off dreams of ER.

When our youngest graduated college, we signed over the car to him that he had been using, he was now out on his own, employed in his major, and our umbrella policy premium took a dive. Considering how much one has to risk, an umbrella policy is a good insurance move.
-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
Telly is offline   Reply With Quote
Old 08-11-2013, 04:55 AM   #25
Full time employment: Posting here.
jollystomper's Avatar
Join Date: Apr 2012
Posts: 881
Originally Posted by pb4uski View Post
Just wondering - if the OP does not have the car in the OP's name (say he sells it to DS for cheap) and his DS lives with the Ex if DS gets into an accident, how/why would the OP be liable?

While I know just about anyone can sue anyone, winning is another matter.
When minors are involved in something invariably they find reasons to go after the parents. Even the OP selling the car some lawyer can construe into some type of liability. Suing is less about "right or wrong" as about "who may have the deep pockets" these days.

Even if they don't win just going through the process can cost 20K or more in legal fees... which sometimes it is used to force folks to settle ("we'll settle for $10K, its still less than what your fees may be even if you win").

As was mentioned before, an umbrella liability policy is mandatory with minor children driving.
Current target FIRE date: June 2017 or +50K to the portfolio, whichever comes first
jollystomper is offline   Reply With Quote
Old 08-11-2013, 04:58 AM   #26
Walt34's Avatar
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 14,140
I'll take a different view. While I don't have any kids I was one and clearly remember that I was just thrilled to have a car - any car - at 16. Dad paid $50 for it at a junkyard and Walt had to put the transmission in it before I could drive it. That and a lot of other things but the transmission was the big item.

Remembering that chore, I did not abuse the drive train. Ever. Some sweat equity does a lot to encourage that.

It remained titled in Dad's name but unless there was some other shortage in vehicles I had pretty much exclusive use so there was always the possibility of having the keys pulled and I knew that too.

As you can see from the first photo it needed some TLC when we got it but we did drive it to PA quite often to see my grandparents.
Attached Images
File Type: jpg First_car-1.jpg (173.0 KB, 7 views)
File Type: jpg First_car-2.jpg (126.7 KB, 6 views)
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 08-11-2013, 06:37 AM   #27
Thinks s/he gets paid by the post
obgyn65's Avatar
Join Date: Sep 2010
Location: midwestern city
Posts: 4,062
I do not have children but I agree with travelover.
Originally Posted by travelover View Post
I think that 16 is too young to own your own car. Let him get a license and use this car for very specific needs (like work or sports), but otherwise it is just a new toy and a distraction. I say this based on personal experience, having been a 16 year old kid with his own car.
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 08-11-2013, 10:47 AM   #28
Recycles dryer sheets
Larro Darro's Avatar
Join Date: Jul 2013
Location: Altha
Posts: 161
Nice looking car Walt. I drove my Mom's 64 1/2 Fairlane for several years before the title was put in my name. But I can't say I was as easy on her as you were yours. That old 289 would get on down the road.

I was lucky and never got in a wreck. {still haven't for that matter} But we did have several kids get killed from our school in back to back years. For a small town like Altha, it is a major shock to lose four or five kids at once like that.
Make good money, five dollars a day.
Made anymore, I might move away.
Larro Darro is offline   Reply With Quote
Old 08-11-2013, 12:49 PM   #29
Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 3,805
I have two DS's, 21 & 25, but no accidents (that I or the insurance company know of). Both car/driving/racing aficionados and early drivers, but also thoughtful and careful. They both drove our spare car to high school and when home from college. The younger one, now a senior in college, just bought a Mazda Miata by himself. We made sure the insurance fit within our umbrella policy, though at 21 in a different state with his own car and insurance I'm not sure how liable we'd be or if the umbrella would even cover him. But anyway, it's not 100% certain a 16 year old will get into accidents. And while we helped with buying a car after college, we didn't hand them out.
Animorph is offline   Reply With Quote
Old 08-11-2013, 04:46 PM   #30
Thinks s/he gets paid by the post
Bikerdude's Avatar
Join Date: Jul 2006
Posts: 1,901
This would work for me.
Attached Images
File Type: jpg Sherman_Tank_WW2.jpg (54.3 KB, 0 views)

“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -6. The time now is 08:19 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.