Gifting a Car to My Senior Parent: Insurance Advice Needed
I have a question that I know is really an insurance matter, but I’m hoping to get some insights from the Reddit community.
I live in Florida and plan to gift my 2016 Kia Soul to my 82-year-old mother, who is still a capable driver. What should I do next? Should I transfer the car into her name and get insurance under her name? Or would it be better to keep the car in my name and just add her as an additional driver on my policy? If I go the latter route, would that be considered misleading? The car isn’t worth a lot, so I’m not too worried about collision coverage. I’m mainly looking for the most cost-effective option.
Thanks in advance for any advice or experiences you can share!
It’s great that you’re gifting your mom a car! Regarding your questions about insurance and ownership, here are some points to consider:
Putting the Car in Her Name: Transferring the title to your mom’s name is a straightforward option. This makes her the legal owner, and she can then get her own insurance policy. This approach often helps with any liability or legal issues that might arise since she would be the registered owner.
Keeping the Car in Your Name: You can keep the car in your name and add your mom as a driver on your policy. In this case, the insurance will cover her as a licensed driver of the vehicle, but you may want to check with your insurer on how this impacts premiums. It’s generally not considered shady, but it may complicate things if there’s an accident, as your name would remain on the title.
Cost Considerations: Insurance premiums can vary based on who the policyholder is. Sometimes, insuring a car under a senior may yield better rates. It’s worthwhile to get quotes for both scenarios (your name vs. her name) to see which is more cost-effective.
Her Driving Experience: Since your mom is still a good driver, her driving record can positively impact her insurance rates if she gets her own policy.
Consulting with an Agent: It might be beneficial to have a brief conversation with an insurance agent who can provide tailored advice based on your unique situation. They can help determine which option would be more cost-effective and what coverage would be best suited for your mom.
Ultimately, the best choice depends on her comfort and convenience as well as the financial implications. Good luck!