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Imported Sports Car - Whats cheaper to insure? Registration in my name, or my parents name?

I have just purchased an imported sports car in Australia worth $18,000. I am 21 (under 25 means huge insurance here). I AM going to get the cars insured in my parents name. But the thing which determines (on paper) as to whether I am the primary driver, or my parents are, is who ever the car is REGISTERED under. My question is....would insurance be cheaper if my car was registered under my name, or my parents? And by how much? Thanks!

Public Comments

1. In spite of your age, if your parents have a zillion tickets for speeding etc. you'd be sol for good rates under them. Above all that there is such a thing as HONESTY!! If the insurance company finds out you lied, then you will be canceled, plus lose any money you've spent for premiums!
2. If You Can't Afford The Insurance, You Can't Afford The Car Mate. If You Are Insured As A Named Driver On Your Parents Policy And The Car Is Registered To Them It Will Still Probably Cost Heaps And You Won't Be Getting No Claims Bonus Added So When You Do Insure In Your Own Name You Will Have To Start From Scratch At A High Premium.
3. It would be cheaper in your parents name but at the same time your parents would be responsible for any and all accidents that you might have as well as you.
4. i work in insurance in australia. regardless of who owns the car on paper or who insures it, insurance is based on RISK. your insurer shouldn't be discounting the price because of who the car is registered to. think about it - that has absolutely nothing to do with the actual risk of the vehicle being damaged when you are driving it. basically, if your parents are using their good driving discount (no claim bonus) on their own vehicles - it doesn't and shouldn't transfer to cars driven mainly by you. who owns it on paper doesn't change the fact that you are a young driver driving a vehicle that only needs small amount of damages before it's deemed 'written off' due to the outrageous price of parts for imports. the only thing registering it and insuring it in your parents name will do, is make it inconvenient when you need to either claim or otherwise change your insurance in some way. ie, imagine if you are crashed in the middle of nowhere and need the car towed - you won't be able to ring your insurer to organise a tow because you won't be a policyholder - you'd need to get your parents to do it for you. that can cause enormous amounts of grief if parents are uncontactable for any reason. this happens ALL THE TIME. imported cars tend to change hands a lot, once the 'owners' discover just how expensive they really cost.