Will co-titling my car increase my insurance?
I purchased a car in December, and while my dad’s name is on the financing, I’m the one making all the monthly payments. The insurance and title are also in his name. I’m planning to pay off the car completely next month and then go to the DMV to co-title it with my dad. However, I’m concerned about whether this change will lead to a rise in my insurance costs.
To provide some context, I’m a 22-year-old female living in NYC. Originally, we put everything in my dad’s name because getting insurance as a young driver on my own was prohibitively expensive. If we co-title the car and the insurance company notices my name on the title, will that cause my insurance rates to increase?
When you co-title the car with your dad, it’s possible that your insurance rates could change, but it depends on a few factors. Since you’re currently insured under your dad’s policy, adding your name to the title may prompt the insurance company to reassess the risk associated with the policy. As a young driver, you might be seen as a higher risk, and this could potentially lead to an increase in premiums.
However, some insurance companies offer discounts for family policies or for drivers who have completed certain driving courses, so it’s a good idea to check with your insurance provider. It might also be beneficial to discuss the change with them before going to the DMV so you can anticipate any possible increases in premiums. Additionally, once you’re the primary driver on the policy, you may have access to different options or discounts that could help mitigate costs.
Ultimately, the best course of action is to contact your insurance agent directly to understand how co-titling might impact your specific situation. They can provide you with the most accurate information based on your circumstances.