How can I insure a car titled in both my name and my son's name?

Question

I am planning to purchase a new car for my son. Since he is contributing to the down payment with earnings from his summer job, I want to add his name to the title as a co-owner. With his name on the title, can I still hold the primary insurance coverage with him as a secondary driver, or will he have to get his own policy?

Answer 1

Legally, the name that shows FIRST on the car loan is the name that should be insuring the vehicle. If the insurance company is doing otherwise for anyone, they are making a common insurance mistake and could cause you trouble later on down the line (or just do not care). So, if you're the primary owner and your son is the cosigner/coowner, the insurance actually SHOULD be in your name.

Answer 2

I am a co-owner, my dad is first... (I needed a cosigner)... I am listed second on the title, but I hold the insurance for the car through State Farm. My dad has his own truck, and he has his coverage for his truck only. As long as it's insured by one of them, you're fine.

Answer 3

Most likely, the policy would be written with you and your son as named insured (who's name the policy is in) and both as drivers (with him being the primary and rated driver on it)

Answer 4

Im not exactly sure but when i was 16 my name was on my title as well as my fathers. (it wasent leased it was bought with cash) I think they may have made a mistake at the DMV because i think you have to be 18 to have your name on a title

Answer 5

co owner