The kids looking to buy a new car in her name, but use my insurance. Is this possible?

[Dr.Manhattan]

As the title suggests. The kid wants to buy (finance) her own car and has saved up a fair bit for it. She wants to purchase the car in her name from the dealership, however she only has her G1 and the wait to get her G2 is still pretty far away.

My solution was to put the car on my insurance and then she can buy the car in her name, but I'm not sure if that's possible as I'm reading the name on the insurance has to also be the owner of the car. Anyone have any information or suggestions on this? The kid doesn't want to learn how to drive in my Super Duty, and honestly I don't want her too either lol, hence why a little small car is going to be good.

 

[Mad Mike]

The only way I'd do that is to put the car in your name, insure it, then add her to your policy as an occassional driver.

 

[GreyGhost]

The only way I'd do that is to put the car in your name, insure it, then add her to your policy as an occassional driver.

Could work. Do an inter family transfer later once her insurance is better. Costs you a safety amd not much more.

 

[bitzz]

But the car can only be financed in the name of the title holder... and the title holder will be the beneficiary of the insurance policy.
... and when you go to write the policy, why wouldn't she be the primary driver? If she is the primary driver on the car, where is the savings? The only savings will be a multi car discount. ( A smart broker would over quote you, then offer a discount equal to the multi car discount)

 

[Dr.Manhattan]

Could work. Do an inter family transfer later once her insurance is better. Costs you a safety amd not much more.

Yea that's what I was thinking as the only solution. I don't want the vehicle in my name, I want this to be her responsibility so to speak if she decides to suddenly stop paying for it. Can she not buy the car in her name but I insure it in mine and add her as a secondary driver? Just seems dumb you can buy a car with a G1 but can't even get insurance to drive it.

 

[Dr.Manhattan]

The only way I'd do that is to put the car in your name, insure it, then add her to your policy as an occassional driver.

Yea that's the route we might have to take Mike. Just did not want the responsibility of it if she suddenly decides to stop paying ME monthly for it. I'd be taking the hit.

 

[Baggsy]

Might be even better to keep saving and wait until she has her G2.
Someone still have to be with her when driving with her G1.
Unless her driving your vehicles isn't an option.

Cars can be a money pit.

 

[mimico_polak]

You may be able to add yourself as a co-signer in order to not be on the registration but still be on the finance.

I believe insurance wants the primary driver on the registration but give them a call and they can let you know.

 

[Mad Mike]

But the car can only be financed in the name of the title holder... and the title holder will be the beneficiary of the insurance policy.
... and when you go to write the policy, why wouldn't she be the primary driver? If she is the primary driver on the car, where is the savings? The only savings will be a multi car discount. ( A smart broker would over quote you, then offer a discount equal to the multi car discount)

A car can be financed by a cobo, doesnt have to be the title holder.

There is no safe way to sidestep insurance rates using ownership tricks.

 

[Evoex]

How about, you take out a loan from the bank and put the car in your name - pay cash. Insure her as occasional.

Make it clear if she misses a payment she gets a warning, if she misses 2 payments the car will be sold. If she pays it off, registration will be transferred and she should have enough history to insure it herself. Teaching moment, she learns how to negotiate a deal (payment arrangements) and begins to learn the consequences of meeting your financial obligations.

 

[BigEvilDoer]

Yea that's what I was thinking as the only solution. I don't want the vehicle in my name, I want this to be her responsibility so to speak if she decides to suddenly stop paying for it. Can she not buy the car in her name but I insure it in mine and add her as a secondary driver? Just seems dumb you can buy a car with a G1 but can't even get insurance to drive it.

OK, simple question.
How do you feel about insurance fraud? Because that’s basically what you’re asking about.
If there are multiple people with licenses in the home, there is no way of you putting someone else’s car onto your policy as a secondary driver.
IF you decide to go this route, and she is indeed the primary driver - god forbid she gets into an accident and causes serious damage to another vehicle/person. The insurance will discover you have been lying the whole time, deny your claim and then charge you with insurance fraud.

Just something to think about.

 

[Baggsy]

Will they insure her with only a G1?

 

[nobbie48]

OK, simple question.
How do you feel about insurance fraud? Because that’s basically what you’re asking about.
If there are multiple people with licenses in the home, there is no way of you putting someone else’s car onto your policy as a secondary driver.
IF you decide to go this route, and she is indeed the primary driver - god forbid she gets into an accident and causes serious damage to another vehicle/person. The insurance will discover you have been lying the whole time, deny your claim and then charge you with insurance fraud.

Just something to think about.

The hard truth.

Part of the growing up pain is learning that the world isn't fair and the deck is stacked against you.

Yup, daddy can put the car in his name and let it be repossessed if sweety doesn't pay up but then it's daddy's credit that gets the bad rap.