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Do I need auto insurance under my own name if my car is under my parents?
I recently moved out of the house but my car is finaced by my parents. I pay them my insurance which is like $60 and they still pay for my car payments. Since I moved out would I need to get insurance under my name even though the car and loan is under their names? I live in Oklahoma if that matters.
Thanks!
Im over 18
Assuming that law in Oklahoma is similar or the same as in CA, then no you dont. If youre under 18, you cant have ur own policy anyways. And since the car is registered under your parents name, they have whats called an “Insurable Interest” in the vehicle. They can keep the car under their policy as long as their name is on the loan/title of the car. Techically, you can still get ur own policy if u want, but since their name is on the loan/title, theyll have to be added or excluded from your policy. Hope this helps
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