Registration and insurance for gift car
Our 30-year-old nephew lives with us. He is about to receive a used car as a gift. My wife and I each own a car, and all three of us are listed as insured drivers.
Is it best to include his car in our insurance, or should we shop around for his own policy?
Is it best to put his name on the title and/or registration, or one of ours instead?
EDIT: More details: We live in California. He's been on our insurance since he was a minor and learned to drive; I don't know if there's a financial advantage to adding the car and keeping him, or having him separate from our policy and get his own.
The gift-giver was about to fill out the transfer forms and asked me whose name should go on the title. The "obvious" answer could be wrong for all I know, so I'm asking if there are financial, legal, or practical aspects that I may not have thought of.
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You’ll need to decide for yourselves which is best, but here are a couple of things to consider:
Do you want to tie a potential discount on your nephew’s policy to a potential hike in premiums if he makes a claim?
Do you want the responsibility for his car that goes along with its ownership?
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