Questions About Re-Registering Vehicles with Different INS [NYS]
Just to give you some context:
I currently live with my sister, and while I own my vehicle and have my own insurance, she and my brother-in-law (BIL) have three cars covered under their policy. My BIL has had a few accidents, and they recently acquired a new car, leading to their annual insurance costing nearly $10,000.
In contrast, I have a flawless driving record and pay just $146 a month for full coverage on my 12-year-old Infiniti. I got quotes for my sister’s two cars under my policy, and it would only increase my monthly payment to $500. My insurance provider mentioned that I need to be the registered owner or co-registered owner to include her cars on my policy.
So my question is: Can my sister re-register her two cars and add me as a co-registered owner so that I can insure them under my policy?
EDIT: Both of her cars are leases.
It sounds like you’re in a bit of a tricky situation, especially with the additional factor of the cars being leased. Here are some points to consider:
Leased Vehicles: Generally, leasing companies have specific requirements for insurance. They may require that the primary leaseholder (your sister) remain the registered owner on the vehicles, as they are ultimately responsible for the lease agreement.
Co-Registration: While it may be possible for your sister to add you as a co-registrant, you would need to check with the Department of Motor Vehicles (DMV) in New York about their specific rules regarding co-ownership for leased vehicles. In many cases, leasing companies might not allow this change without their consent.
Insurance Policy: If the leasing company allows you to be listed as a co-registered owner, you can then potentially add those vehicles to your insurance policy, which could save your sister money given your clean driving record. However, both your insurance provider and the leasing company would need to be on board with any changes.
Contact the Leasing Company: It would be a good idea for your sister to contact the leasing companies for her cars to see if they allow changes in ownership or registration. They may have specific guidelines or restrictions that could affect your plans.
Review Your Insurance Policy: Before any changes take place, check with your insurance agent to ensure that everything aligns with your current policy terms and to understand how adding others could impact your coverage or rates.
In summary, while it may be possible to re-register the vehicles and add yourself to the insurance, the lease status complicates things. It’s crucial to get confirmation from both the leasing company and your insurance provider.