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IM 18 CAN I PUT A CAR IN MY NAME ?
Im 18 years old and i have a car now the car payment is already paid off so if the car is in my name would i have to pay car insurance ? Or would my parents still be paying it. ? If so how much would it be?I took a driving school so thats 10% off insurance . Anybody have answers? Thank you very much
3 Answers
- AL MLv 78 years agoFavorite Answer
Sure you can, but insurance cost will be high.
The cheapest way is to keep it on your parents name and keep it under their insurance policy.
Just transfer it in your name when its time for you to move out. The more driving experience you have with a clean record, then the insurance would cost a little less.
For a rate quote, it will be best to ask an insurance agent to get exact amount. You can also do it online.
- ?Lv 78 years ago
The owner of the car gets the insurance. If you put the car in your name, you are the owner of the car. You need to get insurance.
If you keep the car in a parent's name, then that parent must get insurance. That parent must list you as a regular driver of the car (if you don't, you are committing insurance fraud, and the insurance will refuse to pay if you get into an accident).
The cost of having your own insurance will be about the same as your parent having insurance with you listed as a regular driver. There is one difference, though. Since you have fewer assets to protect than your parents, you might be comfortable with less coverage than your parents, so it would be cheaper to put the car in your name (if you will get less insurance coverage).
Of course, your parent can have insurance without listing you as a regular driver to keep it cheap, but as I mentioned already, this is insurance fraud, and the insurance will reject any claim if you are the driver.
Bottom line: call the insurance company for quotes for both situations. They want your business, and they'll tell you what both policies cost.