Question:
Hey everybody! Ok, here is my situation... I am ready to buy my first car, but I am only 22 years old. I am also the only one in my family capable of getting a Auto loan, but the Insurance companies are giving me quotes off $700 a month, and I have 0 points!! Is it possible to get insurance in my mothers name? Will the bank accept full coverage under her name? She has already agreed to it. I live in the state of MI. Thanks in advance!
Answer:
Your Mother should be the co-owner on the car. She can get insurance in her name and add you as an occasional driver of the vehicle. The insurance will be much cheaper, as you have no points on your driving record.
Sure, assuming it will be her car, her loan, and you would be a named driver on her insurance.
If not, since the finance company will require full coverage, looks like you will either pay $700 a month, or not get a car.
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