Joint car ownership means you’re managing the same car with a friend, relative, partner, or colleague while also sharing all the expenses that come with it. Joint car ownership is beneficial if you aren’t financially able to get one independently. But can joint car ownership impact car insurance rates?
How Does Joint Car Ownership Affect Your Rates?
While joint car ownership sounds like a wise thing to do, keep in mind that insurers will quote based on both owners’ histories. Both owners driving records will determine the insurance rates they will pay. The more at-fault accidents and speeding tickets on someone’s record, the higher the insurance rates may be.
Despite proving joint ownership, insurance providers will analyze each driver individually. Your insurance rate will also depend on your co-owners age, driving experience, and many more. If your co-owner is under the age of 21 or a new driver, your insurance premium rate could be higher than if you co-owner with an older and experienced driver.
Is Joint Car Ownership Right For You?
Joint car ownership is a good move for many people if you’re concerned about car insurance prices. In fact, it saves money if you both have good driving records. To get the best insurance rate, you need to be upfront about your driving experience, track your driving habits, and what’s happening with your car.