by zduncan2077 » Wed Oct 01, 2008 09:37 am
I have a loan on a truck and I am currenlty selling the truck to my parents for the monthly payment....do I still have to carry the insurance on the truck or can they put insurance on it and I can drop my coverage?
Posted: Wed Oct 01, 2008 02:18 am Post Subject:
Selling it for the monthly payment? The finance company is going to want coverage on the vehicle. Who will be driving the truck? You? Both your parents? All three of you?
Posted: Wed Oct 01, 2008 09:46 am Post Subject:
If you are still the legal 'owner' then you need to keep ins...if mom and dad are getting a loan and paying it off...then no they will be the owners...and need the policy...are you saying that you are going to keep things (as far as the bank is concerned) the same? If so then still yes you need to keep the policy add mom and dad as drivers and have them just pay you the premium as well as the payment.
Posted: Wed Oct 01, 2008 10:46 am Post Subject:
Be sure if mom and dad are going to drive it you have their names on your policy, especially if they are the main drivers which I assume they will be. Better safe than sorry.
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