How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask CGCPA Your Own Question

CGCPA
CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience:  over 40 years experience in tax matters
50756543
Type Your Tax Question Here...
CGCPA is online now
A new question is answered every 9 seconds

I just leased a 2011 nissan altima for my 19 year old son to

Resolved Question:

I just leased a 2011 nissan altima for my 19 year old son to use to commute to college. What is the best method of insuring this vehicle. Should he be under my policy or on his own and what limits would you suggest.
Submitted: 3 years ago.
Category: Tax
Expert:  CGCPA replied 3 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

Since there is no tax advantage to either choice, I will give you my opinion from a financial standpoint. I would have the policy issued under his name. He, at 19, is statistically more prone to an accident than you are. If such an accident occurs he will be liable not you. At this stage in life you have much more to lose if there is an award beyond the insurance coverages. (In a world where a MacDonald's customer is awarded $5,000,000 because he spilled a hot cup of coffee on himself you cannot always count on your insurance to cover everything). He is also more able to file a bankruptcy to eliminate claims against him and stands to lose less by doing so if ever needed. I would have excellent coverages - similar to those you have on any other policies you may have and meeting, as a minimum, the coverage required under the lease. Doing this will cost more but will provide your family the safety you will not have the by putting the policy in your name while he is the primary driver of this vehicle.

Customer: replied 3 years ago.
I have him currenty under my policy while he is the primary driver. His insurance cost is more than the monthly lease. Any insurane companies you might suggest.
Expert:  CGCPA replied 3 years ago.

I have personally been with State Farm since I was 16 (62 now). My father wanted exactly what I told you. At the time I did not see the wisdom of his choice (he did hand me the bill) but after all these years I see how it was necessary to protect the family home, his pension, and everything else.

 

As to my insurer, two months ago I was involved in a 1 car accident which I labeled "Adventures in Offroading with Charlie" during an ice storm. The insurance company stepped up rented me a car (I paid 20% of the rental but State Farm also got me a discounted rate so my total bill for 30 days was $187.66). They completely repaired my car and guaranty the repairs as long as I own the vehicle. I do recommend them. The minimum state requirement companies that advertise on TV, while appealing, do not satisfy my desire to protect my home and family, get excellent service (always have), and all that for an annual premium of under $900. Can't beat that. Your son's policy will cost more because of his age and the statistical risk associated with that but what is the value of your future?

CGCPA, CPA
Category: Tax
Satisfied Customers: 3740
Experience: over 40 years experience in tax matters
CGCPA and 6 other Tax Specialists are ready to help you
Customer: replied 3 years ago.
Thanks for you for sharing real life experience and outstanding advice.
Customer: replied 3 years ago.
Thanks again.
Expert:  CGCPA replied 3 years ago.
Any time I can help please feel free to return. I actually enjoy sharing some of the things I have learned over the years.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.