NY insurance/car title?

Question

Hey guys i bought a car from a friend of mine. The title is in my name and i want to give the car as a gift to my son i know about the paperwork and all. But my son lives with me and i still want to pay for the insurance. So can the title be in my sons name and the insurance in mine?

Answer 1

In NY, a vehicle can be titled in one individual's name and registered in another's.  If you are the one maintaining the insurance, the vehicle must be registered in your name.

Answer 2

The insurance company will assign him to that car, just like when the car is yours and insurance is yours, as long as he is in that house, they automatically assign him( as a licensed driver) to a car.

Answer 3

You absolutely can do that BUT its not a good idea! When/If there is an accident the owner, driver and registrant can be sued! Making all of you at risk(even if its only 2 of you). The best way to handle this is to either keep the car in your name and list your son as a driver on your policy or the best way to handle it is to gift the car to your son, let him title, register, and insure it. You can still pay for his insurance but dont do it with your check directly to the company (this may make you liable again). You can give him cash and let him make the payment with his account or use a money order, or deposit the money in his account and let him write the check. I know this sounds like I am making it too complicated but this is the only way to truly protect you and your assets from a lawsuit if there is an accident.... and remember you(or your son) dont have to be wrong to get sued.... you can get sued even when the other guy is at fault....