Do the car need to be under my name to get insurance?

Question

I've recieved a car as a gift from my parents and I'm looking for insurance.

Answer 1

The answer is yes and no. If you are the principle driver, the insurance needs to be in your name, but your parents can retain ownership if they don't give title over to you. That would involve an agreement between parties, much like a lease with no money changing hands. The insurance would be based on your driving record, you would get any tickets, but you could not sell the car. Just as if you had leased from Ford Credit or GMAC. The car can also be registered and insured in their name, and you listed as regular driver. Of course, if they give you ownership (title), then there is no question at all.

Answer 2

If the car is registered in your name, you need to have the insurance in your name too. If it is in your parent's name, then you have no "insurable interest" as it would not be considered your loss if something happened to it. You can be listed as a driver on your parent's policy though if it is in their name and pay them the cost for the insurance ( if you are young this is the best option). good luck to you.

Answer 3

The best thing for you to do is to leave the car registered in your parents' name and then be covered under their policy...technically that's probably the way it is now; since they bought the car, it's probably registered to them and as such, covered on their insurance. Have them list you as a secondary driver...your insurance cost will be cheaper that way, and if they're agreeable, just keep it that way until you are older and the rates drop. Hope this info helped.

Answer 4

It do need to be under your name if you want insurance in your name. If you are under 18 and live with your parents then your parents should just add you and the car to their policy.

Answer 5

No , I bought my mother a car and the insurance is in her name with the same company State Farm as my car , she is the only driver of the car. And because I have two cars where the registration is in my name I get a discount with State Farm on my personal car.

Answer 6

Auto insurance must be written in the same name that the vehicle is registered in. If the vehicle is in your parents name then they have insurable interest and the insurance must be in their name, but you could be listed as a driver on the policy. If you put the vehicle in your name then the insurance must be in your name.

Answer 7

It depends. Are you under 18 and living at home? Leave it in their name, have them put insurance on it and list you as a driver. If not, get it put in your name and insure it.

Answer 8

Kim, the answer on your question has to come back your coverage agent, because different organizations have different guidelines. some organizations have very strict guidelines, who ever the motorized vehicle is titled to has to have the coverage of their call. you are able to upload your father on the call alongside with you, and which will confirm that challenge. Then some organizations, it doesn't count number who's own the motorized vehicle, as long as they are residing less than an same roof. to substantiate you do not run into any issues, call the agent, and they'll be satisfied to allow you to comprehend even if the call also might want to contain your Dad. Congratulations on the hot automobile, and please be careful! God blesses us all......

Answer 9

well jules..i dont know the insurance rules at ur place..but i will tell u about my experience here in india..
if you buy the car, your name should be on the insurance..doesnt matter if u ever use that car or not..
if ur case was in india..here is how it wud be..ur parents bought the car for you..since they bought it for you, the insurance shud be under their name, NOT YOURS..u can use the car anytime anywhere..no probs..

Answer 10

Depends on your age? Your parents can carry you on their insurance.