New milestone!

[GeoFisher]

Transfered funds, signed the title and got the insurance taken care of. My 18year old is now driving her own car to school and to work. Man I been a wreck since last night. Just nerves and fears of what ifs?

Title is in my name and we are both drivers on the insurance. Once she graduates and shows me she isn't going to just piddle around and keeps moving forward with her life I will sign it over to her. Not sure what's right or wrong but that just seemed like a way to "control" some of her actions. I know at some point I have to let go but I think it's best to still hold a few cards.

I know many of you have been throuh this. Any advice?

If she's 18 yrs old, I'd give title to her, and take yourself off the vehicle. As a legal adult, she's the legally responsible party.

This might sound cold, but if she kills someone or injures someone with the vehicle, you're still the owner. Even though she is responsible, you could be financially responsible. I don't know if it works that way in KY, but in Indiana I was told DIRECTLY by Legal advice to do that.

My daughters are titled exclusively on their vehicles and the insurance is in THEIR name. Also, I think your insurance on your personal vehicle will cover her vehicle in the event of an accident, since you're only an occasional driver. Check that out first, but I think it works that way.

With my insurance policy, my Oldest daughter ( who lives in Indiana), is able to be a "rider" on my policy, getting all my multi car/house/boat discounts, while being the OWNER of the policy. She is the sole responsible party.

[Tim_T]

[QUOTE=GeoFisher;541587]If she's 18 yrs old, I'd give title to her, and take yourself off the vehicle. As a legal adult, she's the legally responsible party.

This might sound cold, but if she kills someone or injures someone with the vehicle, you're still the owner. Even though she is responsible, you could be financially responsible. I don't know if it works that way in KY, but in Indiana I was told DIRECTLY by Legal advice to do that.

My daughters are titled exclusively on their vehicles and the insurance is in THEIR name. Also, I think your insurance on your personal vehicle will cover her vehicle in the event of an accident, since you're only an occasional driver. Check that out first, but I think it works that way.

With my insurance policy, my Oldest daughter ( who lives in Indiana), is able to be a "rider" on my policy, getting all my multi car/house/boat discounts, while being the OWNER of the policy. She is the sole responsible party.[/QU


Wow

[GeoFisher]

[QUOTE=Tim_T;541598]

If she's 18 yrs old, I'd give title to her, and take yourself off the vehicle. As a legal adult, she's the legally responsible party.

This might sound cold, but if she kills someone or injures someone with the vehicle, you're still the owner. Even though she is responsible, you could be financially responsible. I don't know if it works that way in KY, but in Indiana I was told DIRECTLY by Legal advice to do that.

My daughters are titled exclusively on their vehicles and the insurance is in THEIR name. Also, I think your insurance on your personal vehicle will cover her vehicle in the event of an accident, since you're only an occasional driver. Check that out first, but I think it works that way.

With my insurance policy, my Oldest daughter ( who lives in Indiana), is able to be a "rider" on my policy, getting all my multi car/house/boat discounts, while being the OWNER of the policy. She is the sole responsible party.[/QU


Wow

It *****, man, but someone is always wanting to take your ****.

I have built a reasonable nest egg, and will use it the way I see fit. I'd hate to lose it all because some dirt bag ambulance chasing lawyer, goes after me because I'm the RESPONSIBLE party for my child who also happens to be a legal adult.

You see it all the time. Ambulance Chasers name the individual in the suit and ANY POSSIBLE money bag they can. If you're name is on the car, you can be held liable. ***** but that is what our litigious nation has become.

This is about loaning your vehicle, but I think it applies pretty much the same way. In reality, you're loaning a vehicle to your daughter, since the vehicle is titled to you.

http://personal-injury.lawyers.com/a...-your-car.html


Later,

Geo

[Devils Horse]

IMO It's like this Don. When it comes to your kids (and crazy ass ex-wives) you do the best you can and that is all you can do. Like yourself I have both, and that is my 2 cents worth of advice.

Congratulations on your milestone and best of luck.

[MrSplitshot]

You got this, man. I know when I was 16 my Dad co-signed with me on my first car. My parents didn't have any money...none...and I was working my ass off to make the payment, insurance, and put a little gas in her. It was one of those times in life where a kid starts to learn about how the real world works. It was an eye opener for me. I felt a lot of pressure to make dang sure I made enough money and budgeted right, because I knew Dad couldn't afford to bail me out and I didn't want to let him down. As much as I wish sometimes that I had opted to work awhile and save up to buy a cheap beater instead, I think it was that time in my life that really started building my work ethic. Taught me how to budget. I've been blessed (or cursed, depending on how you look at it, haha) to be a bit of a "workhorse" ever since.

Building that that responsibility for something will be good for her, but you've also made it such that it won't be a ton of pressure or burden on her either. She just has to be smart, responsible, and accountable for a couple of bills to you. Probably a good mix.

In about 13-15 years, I'm going to be a basket case myself when the little hardheaded fireball in my house wants some wheels. I think I'll buy her a couple years worth of bus tickets.

[DJD]

If she's 18 yrs old, I'd give title to her, and take yourself off the vehicle. As a legal adult, she's the legally responsible party.

This might sound cold, but if she kills someone or injures someone with the vehicle, you're still the owner. Even though she is responsible, you could be financially responsible. I don't know if it works that way in KY, but in Indiana I was told DIRECTLY by Legal advice to do that.

My daughters are titled exclusively on their vehicles and the insurance is in THEIR name. Also, I think your insurance on your personal vehicle will cover her vehicle in the event of an accident, since you're only an occasional driver. Check that out first, but I think it works that way.

With my insurance policy, my Oldest daughter ( who lives in Indiana), is able to be a "rider" on my policy, getting all my multi car/house/boat discounts, while being the OWNER of the policy. She is the sole responsible party.

I understand what your saying.....My insurance agent discussed a lot of this with me but I didn't want her to have the car titled to her yet. The plan is to switch things over (title) once she graduates and the insurance policy will be addressed again. Good idea or not I am trying to take some of the monetary burden off of her so she can save some plus it will be tough for her to pay everything at this point. The thing that bothers me more than anything is her crazy mom....I didn't want her to be able to influence Sarah in any way on selling the car.

I pay her health insurance but she pays her cell phone and will give me $70 a month for her car insurance. I pay the insurance bills semi annually. Once she attends college we will decide again how much help I will give. It ***** but it is only I since the ex is broke and looney tunes.