Are There Changes To Coverage When We Gift A Vehicle To Our Son?

  1. Ruth Ladas Agent, RLI – Ruth Ladas Insurance, LLC, Fort Myers, Florida
    Thank you for your question. You haven’t screwed up, but you are correct to be asking the question. The transition to adult responsibilities is a journey through murky waters for most people. There isn’t just one correct way to do it! Since your cars are titled to drivers in the household, there is no problem. Your policy is fine just the way it is – for now. It sounds like it is time though for your son to go out on his own. Presumably he is going to be living on his own also and that change of residence is a good trigger for the change to his own insurance. Depending on your carrier, they may separate the policy out and even keep some of the accident-free credits that belong to that policy. You can also address your liability limits now. You will no longer have the risk of a young driver attached to your household. Your rates may go down considerably!

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