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Q & A: If you pay more for car insurance young adults between 18 and 19 at school?
| August 11, 2011 | Posted by admin under Young Driver Car Insurance |
of BFH
Why are they spoiled?
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You stop paying, when they get their own car titled in their own name, after they reach the age of 18.
If this is YOUR car, aka, titled to YOU, you’re still on the hook for any damage it does to anyone else – so do NOT trust that 18 year old to pay the insurance on it.
If you want to “cut the umbilical cord”, transfer the title to your kids’ name, and then list yourself as the lien-holder on the car. At least THIS way, you STILL have some control over the car – and they can’t hock it or trade or otherwise convey it without YOUR say-so.
Good luck and I hope this helps!