Insuring a Leased Car for Adult Child

[Dilly]

Hi,
I'm looking for any ideas I'm not seeing. I have a leased car through Toyota Financial. I live in NH. My daughter took it to school with her in GA. She graduated in June and still has the car and it is still in my name and registered in NH.

The insurance company notified me that they will no longer carry insurance on her. She has to insure the car in GA. she can't register it there because she is not on the lease. I can't register it there because I live in NH.

Any suggestions?

 

[Sales71]

Sell the car. Have your daughter buy her own car it's better for you on liability.

 

[FL P&C Broker]

How do you sell a leased car?

 

[djs]

There are a lot of carriers that will allow her to insure it. You may have to be on the policy as an additional interest (not necessarily as a driver) since you are the registered owner.

A decent insurance broker in Georgia can take care of this for you. Not all carriers require the insured be the registered owner.

Dan

 

[Guest]

There are a lot of carriers that will allow her to insure it. You may have to be on the policy as an additional interest (not necessarily as a driver) since you are the registered owner.

A decent insurance broker in Georgia can take care of this for you. Not all carriers require the insured be the registered owner.

Dan

^^^^^^^^^^ Smart man

 

[agregat]

I had similar situation. What I was adviced to do by Geico is to open insurance on myself and add my son (who is in Florida) as a driver of the car. And you do have to mention that car spends a lot of times in other state (Florida in my case). It was lttle bit more expensive, but worked just fine

Hi,
I'm looking for any ideas I'm not seeing. I have a leased car through Toyota Financial. I live in NH. My daughter took it to school with her in GA. She graduated in June and still has the car and it is still in my name and registered in NH.

The insurance company notified me that they will no longer carry insurance on her. She has to insure the car in GA. she can't register it there because she is not on the lease. I can't register it there because I live in NH.

Any suggestions?

 

[jmr30183]

I had similar situation. What I was adviced to do by Geico is to open insurance on myself and add my son (who is in Florida) as a driver of the car. And you do have to mention that car spends a lot of times in other state (Florida in my case). It was lttle bit more expensive, but worked just fine

I agree (as an Independent Agent in Georgia) that some carriers won't have a problem insuring this vehicle for the daughter. The mom needs to be listed as an additional insured (and most companies will insist that mom be listed as a driver).

But registering the car in Georgia may be the real obstacle. The daughter's name isn't on the current lease or registration. The local tag office won't just add her name to the registration here in Georgia.

I would suggest that mom do one of the following-

A) Call some other insurance companies that operate in NH and explain that you lease the vehicle and your daughter is keeping it in Georgia where she goes to school. Try some of the bigger guys (the ones you see on TV all the time) and call at least two local independent agents also. If you have other coverage (your own vehicle and/or home), you may want to consider moving it to the same company to get the best deal.

B) Call Toyota Financial and ask if it is possible to add your daughter's name to the lease along with your name. Tell them she wants to assume the remainder of the lease term and you will stay on it as a "co-signer".

Good luck!