Will co-titling my car increase my insurance rate?
I purchased a car in December, but it’s currently financed under my dad’s name, even though I’ve been making all the monthly payments. The insurance and title are also in his name. Next month, I plan to pay off the car in full, and then I want to go to the DMV to add my name on the title alongside my dad’s. My question is, will co-titling the car lead to an increase in my insurance premiums? Just to give you some context, I’m a 22-year-old female living in NYC. We initially put everything in my dad’s name to keep my insurance costs down, as being a young driver means my rates are significantly higher. If the insurance company sees my name on the title once we co-title the car, will my insurance rate go up?
Co-titling your car can potentially lead to an increase in your insurance premium, especially since you’re a young driver. Insurance companies assess risk based on various factors, including the driver’s age and experience. By adding your name to the title, the insurance company may consider you a more significant risk, which could result in higher rates.
However, since you’ve been making the payments and your dad already has insurance, it’s essential to discuss this with your insurance provider. They can give you specific information about how adding you to the title may affect your premium. Additionally, some companies might offer discounts for good driving records or for being a student, so it’s worth exploring your options to find the best rate.
Overall, while co-titling might increase the cost, the exact impact will depend on your insurance company’s policies and your driving history.