I want to remove the insurance from my dad’s name and switch it to my name. I’m currently financing a vehicle that’s registered in both of our names, but my dad has the insurance policy solely under his name, and I’m not included on it. Is it possible for me to drop his insurance and get a policy in my name instead?
Drop the insurance and put it in my name instead.
Yes, you can drop the existing insurance policy and get a new one in your name, but there are a few things to consider:
Contact Your Dad’s Insurance Company: You should inform your dad’s insurance company that you plan to cancel the current policy. This will ensure that you avoid any overlap or complications.
Get Your Own Policy: Before dropping your dad’s insurance, make sure to secure a new insurance policy in your name. This way, you won’t have a lapse in coverage, which could leave you vulnerable.
Financing Requirements: Check with your lender about any requirements they have regarding insurance. Many lenders require that the borrower be listed on the insurance policy.
Consider Costs: Compare quotes for insurance in your name versus the cost under your dad’s policy. Depending on your age and driving record, it might be more expensive.
Update Registration: Ensure that all details are updated with the Department of Motor Vehicles (DMV) to reflect the new insurance and registration accurately.
Once everything is in place, you should be good to go with the insurance in your name!