Swapping ownership

mp3guy

My wife and I each own our own cars. I'm trading in her car for a new car for me and she's trading in my car for a new car for her (car models match up better, getting the best trade in prices).

Only problem is she has a longer wait for her car and doesn't want a break in being insured on her own car as a main driver, so I was thinking once I trade in and get my new car, I could transfer ownership of my old car to her.

We thought about holding my car so we could do it all in one day but my dealer won't hold it for longer than a month.

Is it literally just a case of filling out the change of ownership section of the reg cert for my car and her swapping her insurance over?

mp3guy

mp3guy wrote: »

My wife and I each own our own cars. I'm trading in her car for a new car for me and she's trading in my car for a new car for her (car models match up better, getting the best trade in prices).

Only problem is she has a longer wait for her car and doesn't want a break in being insured on her own car as a main driver, so I was thinking once I trade in and get my new car, I could transfer ownership of my old car to her.

We thought about holding my car so we could do it all in one day but my dealer won't hold it for longer than a month.

Is it literally just a case of filling out the change of ownership section of the reg cert for my car and her swapping her insurance over?

Don’t transfer ownership - you’re adding an owner to the history of a car you’re trading in which should effect the valuation negatively.

Your wife can transfer her insurance to your old car once you transfer your policy to your new car. There is no need to transfer car ownership as you are her spouse. She has a legitimate insurable interest which is all that’s required in the situation you describe.

bazz26

Her earned NCB will expire 2 years after her last insurance policy expires so she has no problems with loosing her NCB short term. She could also pause her current policy until the new car arrives. Regarding changing ownership, just be aware this will add another owner to the car.

L-M

JayZeus wrote: »

Your wife can transfer her insurance to your old car once you transfer your policy to your new car. There is no need to transfer car ownership as you are her spouse. She has a legitimate insurable interest which is all that’s required in the situation you describe.

This is all you need to know.

mp3guy

Thanks for this info, very valuable! Glad I asked.