What is best way to transfer insurance and registration on a car jointly owner and insured (has loan). Ex is in Nevada, car is currently in Mass.
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UPDATED: Jul 21, 2013
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Insurance Question from South Weymouth, MA
Asked on 07/21/2013
What is best way to transfer insurance and registration on a car jointly owner and insured (has loan). Ex is in Nevada, car is currently in Mass. The car is jointly owned and has a loan on it. According to divorce decree when car is paid off it is to go to daughter in Massachusetts. Ex husband does not have money to pay off his half of the loan.how do we handle insurance and registration. Currently insured in Nevada
Answer given on January 06, 2014
If a car owner is in one state but the car is in another state, such as a student having a car away at school, the insurance company usually prefers to have the car insured in the state where the car is registered. If the car is registered in Nevada it should be insured there.However, if the car remains full time in the other state, then you should register it there and insure it there. The insurance should be in the name of the registered owners, even if divorced. The bank will most likely require that both owners be shown on the insurance. If the daughter is using the car, she should also be listed as a driver on the policy and the rates will reflect her driving experience and driving record. The owners need to be listed so they are protected in the event of an accident involving the car. Ask your insurance company what they want done.
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