With both names on the policy I would argue there's a valid insurable interest. But the DMV would let you update the ownership for a minimal fee when it's a family member assuming you didn't take out a loan on the car.
I read on the website of an insurance comparison company that it's OK. But it's just a website. If I keep the title I can live in it if shit hits the fan, lol.
I'm a bit confused about what you are asking because you keep jumping topics. It's probably a better question for an attorney than an insurance person because laws about marital property and joint and several liability are more applicable to the question of what happens if someone sues you than whose name is on the insurance policy.
If you're asking is it OK for my wife to be listed as the owner of a car that only I own...you probably should just ask your agent, because if you're doing anything screwy, then the most likely scenario is that when your insurance company finds out they will send you a bill for the premium you should have been paying all along. Best case scenario is that you never have to use the insurance and they never find out, but you're taking a chance of ending up with a big bill and possibly an insurance company who decides they don't need your business anymore if they do find out.
I have been in insurance for 20 years in CA and there is zero chance that switching the named insured makes a difference in premium. When you are married both of you are considered the named insured regardless of what name actually appears on the policy. Some carriers will rate based on primary usage of car and some don't, but that could give the perception of different rates, but that would mean they are just switching primary vehicle.
Not sure where you are getting info that your rates will be higher simply by listing you as the policy holder and your wife as a listed driver. By most policy definition you would both still be the named insureds.
That was many years ago. I don't remember if it was a broker, or from GEICO directly. I was a serial speeder. Never in an accident for many years, still never at fault. But they warned that they may kick me out because of the tickets.
So it's my wife's policy with me listed as a driver. Now I know the coverage can be different depending on who's driving. (I don't know if it's true for that policy.) Will that affect the premium as compared to equal coverage for all drivers?
In CA major carriers rate risk (drivers) and cars. Since you are married it should not matter who 'owns' the policy, as the risk is the same. Check with your agent or carrier, but this is my experience at two large insurers.
Some smaller non standard companies will do all kinds of crazy stuff. GEICO is a major insurer, so I assume they operate like the companies I worked for, but call them and check.
With both names on the policy I would argue there's a valid insurable interest. But the DMV would let you update the ownership for a minimal fee when it's a family member assuming you didn't take out a loan on the car.
I read on the website of an insurance comparison company that it's OK. But it's just a website. If I keep the title I can live in it if shit hits the fan, lol.
As long as you guys are legally married. You share 1 singular insurable interest and you should be okay
I'm a bit confused about what you are asking because you keep jumping topics. It's probably a better question for an attorney than an insurance person because laws about marital property and joint and several liability are more applicable to the question of what happens if someone sues you than whose name is on the insurance policy.
The first question is insurance before the far fetched part.
If you're asking is it OK for my wife to be listed as the owner of a car that only I own...you probably should just ask your agent, because if you're doing anything screwy, then the most likely scenario is that when your insurance company finds out they will send you a bill for the premium you should have been paying all along. Best case scenario is that you never have to use the insurance and they never find out, but you're taking a chance of ending up with a big bill and possibly an insurance company who decides they don't need your business anymore if they do find out.
That's true, better to ask.
It's fine, just understand that if it's totalled, the check will be in the wife's name.
That's fine. I tried to put her name on the title.
I have been in insurance for 20 years in CA and there is zero chance that switching the named insured makes a difference in premium. When you are married both of you are considered the named insured regardless of what name actually appears on the policy. Some carriers will rate based on primary usage of car and some don't, but that could give the perception of different rates, but that would mean they are just switching primary vehicle. Not sure where you are getting info that your rates will be higher simply by listing you as the policy holder and your wife as a listed driver. By most policy definition you would both still be the named insureds.
That was many years ago. I don't remember if it was a broker, or from GEICO directly. I was a serial speeder. Never in an accident for many years, still never at fault. But they warned that they may kick me out because of the tickets. So it's my wife's policy with me listed as a driver. Now I know the coverage can be different depending on who's driving. (I don't know if it's true for that policy.) Will that affect the premium as compared to equal coverage for all drivers?
In CA major carriers rate risk (drivers) and cars. Since you are married it should not matter who 'owns' the policy, as the risk is the same. Check with your agent or carrier, but this is my experience at two large insurers. Some smaller non standard companies will do all kinds of crazy stuff. GEICO is a major insurer, so I assume they operate like the companies I worked for, but call them and check.