Will co-titling my car lead to higher insurance costs?
I bought a car back in December, but it’s currently financed in my dad’s name, even though I’ve been making all the monthly payments. The insurance and title are also under his name. I’m planning to pay off the car in full next month, and afterward, I want to go to the DMV to co-title it with my dad. My question is: will this change affect the car’s insurance rate?
For context, I’m a 22-year-old female living in NYC. We initially put everything in my dad’s name because, as a young driver, my insurance costs would be significantly higher if I got coverage on my own. If we co-title the car and the insurance company sees my name on the title, will my insurance premium increase?
Co-titling your car with your dad could potentially affect your insurance rates, but the exact impact will depend on your insurance provider’s policies and how they assess risk. Since you’re currently listed only under your dad’s policy, adding your name to the title might lead the insurance company to view you as more of a primary driver, which could result in a rate increase, especially considering you’re a younger driver.
However, it’s also possible that co-titling could lead to some savings if your dad qualifies for any discounts that could be applied to your situation. The best approach would be to contact your insurance company and discuss your plans before making any changes. This way, you can get a clear understanding of how co-titling could impact your premiums and explore the best options for your insurance coverage moving forward.