Are There Changes To Coverage When We Gift A Vehicle To Our Son?
Did I screw up? We have a family policy where my husband and I are the named insured. The drivers included are my husband, myself and our son and cover three vehicles all titled in my name. Yesterday I gift transferred the car title to one of the vehicles on the policy to my son (keeping the same tag, etc – just changing registered owners from myself to my son) thinking that there would be no impact to the insurance coverage since the vehicle & drivers remained the same until my spouse questioned that assumption. Who is right? I tried to take care of the transfer of title to get it done and out of the way since my son has graduated college and will be moving soon for his new job at which time I thought that he could then apply for his own individual insurance. Question is….. did I lose coverage on that vehicle now when I transferred the title to his name. Again the vehicle is covered (or was) under our existing policy of which all three of us are included drivers. Would be so grateful for your advice!!! Potential new customer when son gets his own policy. Thanks!