I financed my vehicle with a credit union. The autoloan was done with a cosign which is the same person that is in the title name along with myself. They have a history of accidents. I talked to my credit union and they can remove the name if we do a refinance which all things should stay the same especially since they still have our credit reports, so not pulls.
My question is, would the insurance care? Would my rate change at all? I live in the same household as them and am in Florida.
If I remove an owner from the title, would the insurance rate decrease?
byu/Lasthit1ps4 inInsurance
Posted by Lasthit1ps4
2 Comments
You know how you talked to the credit union about this?
Now go talk to your insurance carrier about this too.
There’s too many unknown factors to answer your question, but theoretically, not sharing a claim claim history, with a bad driver, would reduce your rates over time. The stuff that’s already on your record, that they’re responsible for, won’t be removed, from your record, until it falls off in 3 to 5 years.
Additionally, if they’re living with you, you’re going to have to list them as a name driver on your insurance, in order to properly insurance them.
So the whole thing might be a wash, but getting them off the title might be a good thing to do too.
Short answer: probably not much, and here’s why.
Insurance companies in Florida rate based on all licensed drivers in the household, regardless of who’s on the title. Since you live together, your insurer almost certainly already knows about them and is already factoring their driving history into your premium. Removing them from the title doesn’t change that calculation.
The only scenario where it helps: if they’re currently listed as a primary or occasional driver on your policy and you can legitimately remove them from the policy itself — not just the title. But if they have access to the vehicle and live with you, most insurers won’t allow that. Florida insurers are particularly strict about household residents.
What actually moves the needle on your rate: your own driving record, your credit score (yes, Florida allows credit-based insurance scoring), your coverage levels, and your vehicle’s claim history.
Worth a 10-minute call to your insurer before you refinance — ask them directly: “If I remove this person from the title but they remain in my household, does anything change on my policy or premium?” Get it in writing if they say yes.