Ok im gonna explain this the best I can. I know most of you have leins out on your cars.

I took out a loan under my name for the s2k im picking up next week. I had no cosigner or anything of that nature.

I want to title the car under my mom (for insurance reasons), she was not involved in my loan in any way. Does my name have to be on the title since the loan is in my name, I can't have my name on the title or my insurance will be through the roof..... Is this possible.

Loan in my name, Car titled in another? Will the bank/dmv let me?

Help is needed. Otherwise I'll bite the bullet and pay assinsane insurance rates....

 

I don't see why not, I know people that have done that before. I'm not sure if it varies from State to State though, so best thing for you to do would be to call up the insurance company and ask them.

I don't really see it as being a problem though. Good luck

 

I don't think the bank will care as long as payments are made on time. The loan is in your name and will still have the VIN attached to it, so that should work ok.

 

Liability follows ownership.
plain and simple.
You are also trying to defraud the insurance company.
If you get in an accident don't be surprised if the ins co denies the claim.
Have a nice day.

 

Defraud my ass.......

My ins dosent give a damn, We did this with my last car, I got the car keyed and made a comp claim. They didn't say anything. Im still on the same insurance policy to drive any car in the family, My mom will just be the primary driver. I don't see how im defrauding the insurance company. 4 cars, 4 drivers, each one needs a primary driver. Seeing as how everyone in the family drives every car at one time or another I dont see what im doing wrong.

 

well, you are defrauding them in a way.

insurance is based on risk pools. You are probably higher risk than your mother, and the S is a higher risk car.

What you are trying to do is drive a high risk car and pay a low risk rate. In a way, you are screwing all of us, because the people that do this have a higher probability of an accident and the insurer isn't collecting money commensurate with the risk. Thus, all other drivers have to cover it.

It isn't something you'll go to jail for, but it is wrong. also, if your insurer catches wind of this, they can just deny the next big claim that comes up. people mistakenly think the insurer is responsible. wrong, you are. if you have a big claim, your insurer will look for ANY reason not to pay the claim (lying to them, which you are doing, is a reason). You wouldn't be the first; don't say you were not warned.

rationalize your behavior any way you wish. everyone else here has reason to be mad at you for this practice. Insurance is based on actuarial risk. You are trying to pay for a lower risk level than you expose the insurer to. Your "4 cars, 4 drivers, each one needs a primary driver" argument implies that this is foreign to you.

 

I guess i'll be paying the $2069 every six months for a clean record then

 

don't roll your eyes at me boy

It is really up to you what you do, but insurance companies are not so dumb as to have never caught wind of this scam. In fact, many adjusters are trained to look at just this sort of thing whenever the kid crashes his "parent's" car on a weekday on the way home from work/school.

 

not worth it.. get the insurance under your name because for small claims the insurance company may not check or care.

but what if you run someone over and they sue u for hundreds of thousands of dollars?? then the insurance company will care and your screwed.

 

Reason why im just gonna bite the bullet and pay it..... oh well, im sure it will be worth it when i start driving the car.....