I am trying to refinance my car to get a lower interest rate!?

Question

My mom is currently my cosigner on the car and the vehicle is insured under her policy with me as a driver, but i want my dad to cosign for the new loan because of his better credit thus a better interest rate. My parents are divorced and I am 19 and living with my mom. If my dad cosigns for me, can i still be insured under my moms policy without her name being on the title to the car? If i can still be insured, will my dad have to be a driver on her policy as well? Thanks in advance

Answer 1

The answer come from determining insurable interest.  If either of your parent dont have insurable interest in it, They wont own it thus cant insurance it.  You could check with your dad about having you added to his policy with a different garaging location for your car.  Talk with your agent and have your dad talk with his.  If you dad has better credit his insurance cost may also be less.  Look at all facts.  You are doing a job of research already.

Answer 2

Whose name is the title in?  Clearly, it's in your mom's name because the policy is in your mom's name!  So the old lender will need to release the title, the vehicle will have to be retitled to you and your dad, and your car will have to go on a policy in your name, or your dad's.

The name on the title, registration, and insurance all have to match.  THAT'S the big obstacle.