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Here Are The Keys: Gifting a Car to Your Child

Gifting a Car

If you plan on gifting a car to your child, know the insurance issues that come with those keys.

If your child is a minor, you will likely need to co-sign the insurance on the vehicle unless that child is emancipated. To co-sign, you usually need to be a co-owner of the vehicle.

You can give an adult child a car that is fully paid for. Your child would then secure the insurance policy and pay the premium. If you need to borrow money to buy the car, you will have to add your adult child as a co-owner when you take out the loan and then either pay or share the loan and the insurance premium. All those on the vehicle title will be on the insurance policy. Keep in mind, the credit rating and driving record of all parties will be considered. Talk to your agent about your options.

Allan Block Insurance, Professional Service with the Personal Touch

We are located in Tarrytown, NY, in the heart of Westchester County, a key business district just north of New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. For more information or answers to your insurance questions, please contact us.

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