Questions About Re-Registering Vehicles Under a Different Insurance in NYS
I’m looking for some advice regarding vehicle registration and insurance.
Currently, I live with my sister. I own my own car and have my own insurance policy. My sister and brother-in-law have three vehicles covered under their insurance. However, my brother-in-law has had several accidents, and they recently purchased a new car. Their 12-month insurance premium is nearly $10,000!
On the other hand, I have a spotless driving record and pay $146 per month for full coverage on my 12-year-old Infiniti. I ran quotes for my sister’s two cars under my policy, and the cost only increased to $500 per month. My insurance provider mentioned that I would need to be the registered owner and possibly a co-registered owner as well.
My question is: can my sister re-register her two cars and list me as a co-registered owner, allowing me to add them to my insurance policy?
EDIT: Both of her cars are LEASES.
Re-registering vehicles can be a bit complex, especially when you’re dealing with leased cars. Here are some key points to consider regarding your situation:
Leased Vehicles: Typically, the leasing company holds the title for a leased car, which means they dictate how the registration should be handled. You’ll need to check with the leasing company to see if they allow a co-registered owner. Some companies might have restrictions on making changes to the registration.
Co-Registration: If the leasing company allows it, your sister may be able to add you as a co-registered owner. This generally involves both of you going to your local DMV office with the necessary documentation (like the lease agreements and identification).
Insurance Policies: Generally, for insurance purposes, the primary owner of the car should be listed on the policy. Since you mentioned you have a good driving record and your insurance quoted a reasonable rate for adding her cars, it could potentially save your sister and BIL money in the long run.
Consult Your Insurance Provider: It’s also a good idea to communicate with your insurance provider to clarify how adding co-registered vehicles can impact your policy. They might have specific requirements or suggestions.
Legal and Financial Implications: Remember that being a co-registered owner could also have implications if there are any accidents or liabilities, so it’s essential to consider that aspect fully before proceeding.
In summary, while it may be possible for your sister to re-register her leased cars to include you as a co-registered owner, it largely depends on the leasing company’s policies. Make sure to do your due diligence to ensure everything is compliant with both DMV and insurance regulations.