What is the name of your state? Oklahoma/California
I am in the military, stationed in California. My sisters and I recently bought a car for our parents as a gift. We were initially going to pay it completely off, but with a 1.9% APR, I couldn't pass on it. So now I will be making the montly payments with the new car registered under my name in Oklahoma. My current car is also registered in Oklahoma, but insured in California where I am stationed.
I think my options on the new car are:
1) Insure the car under my policy and add them as drivers. I would then have policies in 2 different states. Do insurance companies charge extra for additional drivers?
2) Can my parents insure the car themselves under their current policy although the new car is registered under my name?
3) Transfer the title to them and register it under their name and have them handle the insurance with their current policy while I make the car payments. Couldn't do that at the time of purchase b/c the credit application was under my name and the purchase was a surprise gift for them.
Any others? Which is the best path?
Thanks.
I am in the military, stationed in California. My sisters and I recently bought a car for our parents as a gift. We were initially going to pay it completely off, but with a 1.9% APR, I couldn't pass on it. So now I will be making the montly payments with the new car registered under my name in Oklahoma. My current car is also registered in Oklahoma, but insured in California where I am stationed.
I think my options on the new car are:
1) Insure the car under my policy and add them as drivers. I would then have policies in 2 different states. Do insurance companies charge extra for additional drivers?
2) Can my parents insure the car themselves under their current policy although the new car is registered under my name?
3) Transfer the title to them and register it under their name and have them handle the insurance with their current policy while I make the car payments. Couldn't do that at the time of purchase b/c the credit application was under my name and the purchase was a surprise gift for them.
Any others? Which is the best path?
Thanks.