Insurance question

Boza · 01-05-2013, 12:32 PM

Hey guys I have a vehicle thats registered in my name, but I want to give the car to my mum but keep the registration in my name as it's too much hassle getting roady's plus paying stamp duty and transfer fee's when the car is in the same family stupid vicroad's.

Anyway my question is can the car be registered in my name but insured in my mum's name as it's going to be her car from now onxis this ok or does the insurance need to be in my name with her as second driver when really she's going to be the one only driving the car

RSPEC#78 · 01-05-2013, 01:45 PM

you can put it in her name, doesnt matter if its registered in your name, but if i were you i would be asking the insurance company these sort of questions:-) Also you dont pay stamp duty on a car thats "classified" as a gift... as in no money changes hands. I have seen it done, just FYI:-) In QLD anyway, might be different in VIC

Boza · 01-05-2013, 02:25 PM

Quote:

Originally Posted by RSPEC#78

you can put it in her name, doesnt matter if its registered in your name, but if i were you i would be asking the insurance company these sort of questions:-) Also you dont pay stamp duty on a car thats "classified" as a gift... as in no money changes hands. I have seen it done, just FYI:-) In QLD anyway, might be different in VIC

I did this 6 months ago with a car I got of a family member and had a stat dec saying he gave me the car and they still calculated stamp duty from market value and charged me the *********

lilmattie · 01-05-2013, 03:53 PM

Probably easier to leave it all in your name and have your Mum pay the insurance bill when it comes in. Nominated her as the regular driver.

Not much different from a married couple who share a car, and only one of them regularly drives it.

xxx000 · 01-05-2013, 04:15 PM

Quote:

Originally Posted by lilmattie

Probably easier to leave it all in your name and have your Mum pay the insurance bill when it comes in. Nominated her as the regular driver.

Not much different from a married couple who share a car, and only one of them regularly drives it.

I agree, easiest option

rego is not proof of ownership, why waste $ changing it into her name

stamp duty exemptions are rare and don't usually include sales/gifts within a family

**Silver Ghia** · 01-05-2013, 04:15 PM

Last time I enquired to an insurance company about this, they actually preferred the regular driver to be the policy holder, even though its registered in another name.

Get your mother to ring her insurance company and ask. She may also be able get the insurance cheaper than you.

80kms · 01-05-2013, 04:43 PM

if She is responsible for servicing, repairs and maintenance etc, and if damaged or written off in an accident it would be her responsibility to repair or replace it, then she has a financial interest in the car and hence is entitled to insure it in her own name.

Boza · 01-05-2013, 04:45 PM

All done thanks for the info guys gave my old car to my mum this arvo and she got it insured with racv in her name no probs

blackf6 · 01-05-2013, 05:04 PM

I done this with my missus, gave her the xr6t as a gift. When it came to insurance, putting her on as the nominated driver doubled the premium. So I said I will just keep it insured in my name and keep her as a secondary driver which halved the premiums again.