04-10-2009, 04:39 AM
So my 20 y.o. step daughter (who lives at home with her mother and I) has been saving up a little money to get a first car soon. She/we will buy it outright (no lease or financing). Most likely something in the $3-4k used Honda/Toyota range. She will also be getting her driver license soon. I feel she will be a very capable driver and am not overly concerned on that front.
My questions are:
1. Should the car title go in her name or mine/her mother's name? Any advantage/disadvantage to one over the other?
2. Should insurance get tacked on to our existing policy or should she get her own policy separate from us?
In case it has any bearing, we are in Northern California with State Farm and have both auto and homeowner's insurance through them with immaculate records (except for the speeding ticket I got 10 years ago on Highway 50 in the middle of Nevada which I alway assumed was impossible).
Thanks all!
-Bo
My questions are:
1. Should the car title go in her name or mine/her mother's name? Any advantage/disadvantage to one over the other?
2. Should insurance get tacked on to our existing policy or should she get her own policy separate from us?
In case it has any bearing, we are in Northern California with State Farm and have both auto and homeowner's insurance through them with immaculate records (except for the speeding ticket I got 10 years ago on Highway 50 in the middle of Nevada which I alway assumed was impossible).
Thanks all!
-Bo