Teenager & Car title

[al4trade]

Currently the car driven by my 18 year old is titled to my spouse. Is there any insurance/liability reason that the vehicle should be titled to my teenager?

Thanks

 

[Brat]

Once the title is in their name you loose leverage.

 

[73ss454]

If I remember correctly in NY if your child is under 21 your still liable no mater who it's titled to.

 

[cute fuzzy bunny]

Hope you have a nice umbrella liability policy...

 

[Empty Pockets]

I'd check with your state laws on this. I've been told by an insurance company's attorney that if an 18 year old adult has the title to the vehicle, they are the ones responsible in an accident.

If you're worried about losing control of the vehicle, put your name down on the title as a secured party, just like a bank. This way they can't sell it without you signing off of it, and you wouldn't have the liability expusure that an owner would have.