Should I Add My Son as a Co-Owner of My Car?


Dear Driving for Dollars, I am elderly and starting to worry about my driving. I want to add my adult son as a co-owner to my car, so he can drive it whenever he wants. Will this affect my car loan or my insurance? -- Texas Bill

Dear Texas Bill, It's unlikely you need to add your son as a co-owner of your car for him to drive it. Depending on your state and your insurer, you may need to add him to your insurance policy as a driver. But even that may not be necessary as long as he has his own car insurance. Talk to your car insurance agent to see what's best for your situation.

If you do decide to add him as a co-owner, you'll need to call your lender to have him added to the title because you have a car loan. Depending on how your original car loan paperwork was written, he also may be added to your loan as well, and he may be held liable for the car payments, should you stop making them (including if you die). So make sure both of you fully understand the implications of making him a co-owner of your car.

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