Questions About Re-Registering Vehicles with a Different Insurance (NYS)
A bit of background:
I currently live with my sister, and I own my own car along with my individual car insurance. My sister and her husband (my brother-in-law) have three vehicles insured under their policy, but due to several accidents on his driving record, their new insurance policy for a 12-month term has skyrocketed to nearly $10k.
In contrast, I have a flawless driving record and currently 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 it would only increase my premium to about $500 per month. My insurance provider has informed me that I need to be listed as either a registered owner or a co-registered owner for this to work.
So my question is: Can my sister re-register her two cars and designate me as a co-registered owner so I can include them in my insurance policy?
EDIT: Both of her vehicles are LEASES.
Yes, your sister can re-register her leased cars to include you as a co-registered owner, but there are a few important steps and considerations to keep in mind:
Leasing Company Policies: First, you need to check with the leasing companies for both cars. Some leasing agreements may have restrictions on adding additional registered owners, or they might require consent before changing the registration details. It’s essential to verify this before proceeding.
Re-Registration Process: If the leasing companies allow it, your sister would typically need to visit the Department of Motor Vehicles (DMV) to re-register the vehicles. She should bring the necessary documents, including proof of ownership from the leasing company and any identification required.
Insurance Requirements: Once you are listed as a co-registered owner, you can then add the cars to your insurance policy. Ensure that you inform your insurance provider about the situation—specifically that these cars are leased and that you’re a co-registered owner. This will help avoid any potential issues in the future.
Liability Considerations: Keep in mind that as a co-registered owner, you may also have some level of liability regarding those vehicles. Make sure both you and your sister fully understand the implications of this change.
Cost-Benefit Analysis: Even if your insurance premium will go down with the switch, weigh out any fees associated with the re-registration process and any potential impacts on your insurance rates in the future.
By following these steps and ensuring communication with all parties involved, you should be able to maximize your savings on insurance while helping your sister with her car costs!