Will co-titling my car affect my insurance rates?
I purchased a car in December, and while the financing is in my dad’s name, I’ve been the one making all the monthly payments. Currently, the insurance and title are also under my dad’s name. I’m planning to pay off the car in full next month, and afterwards, I’d like to visit the DMV to co-title the car with my dad. I’m wondering if this change will cause my insurance rates to go up. For context, I’m a 22-year-old female living in NYC. We initially put everything in my dad’s name because my insurance costs would be prohibitively expensive as a young driver. If we co-title the car and the insurance company sees my name on the title, will it lead to a higher insurance rate?
Will co titling my car raise the insurance?
Co-titling your car with your dad might have an impact on your insurance rates, but it depends on a few factors. Since you mentioned that you’re currently listed as a driver on your dad’s policy, adding your name to the title may not significantly change the insurance cost, especially since the insurance company is already aware of your status as a driver.
However, insurers assess risk based on several factors, including the primary driver’s age, driving history, and location. As a young driver in NYC, your insurance rate is likely influenced by your age group, which typically sees higher premiums. If co-titling means you’ll be officially recognized as a co-owner, the insurance company might evaluate your profile again, but the changes in rates will vary by insurer.
To get a clearer picture of how co-titling might affect your premium, consider reaching out to your insurance company for specific advice. They can provide details on how changing the title might impact your rates, and they may offer options to adjust the policy accordingly. Ultimately, it’s a good idea to explore your options and see if there are ways to keep your rates manageable while transitioning to a co-title.