Get car insurance in Pasadena, CA, paperwork, and other things in order before buying a car as a gift.
Are you wanting to give a gift that will really wow your loved one this holiday season? If so, you might be feeling inspired by the countless car commercials with the big bow on top of a beautiful new vehicle. Now that’s a gift, and you might be just the person to give it. If you’re seriously considering buying a car as a gift, though, you need to think about things like Pasadena, CA car insurance, paperwork, and more.
First, you need to think about how you’ll get the title transferred to the right person. If you want to surprise your gift recipient with the car, you’ll need to buy it beforehand (obviously). That means putting the title in your own name, so be ready to transfer the title.
Secondly, make sure the proper paperwork is completed. In California, that means registering the vehicle in the state and getting enough car insurance to meet the minimum liability requirements. Since you want your gift to be a welcome surprise, not a lot of work, it’s a good idea to at least start thinking about these things before handing over the keys.
Finally, be prepared to pay a gift tax. There’s an annual exclusion from this tax for $14,000 (it’s staying at $14,000 in 2016, too) but if you’re buying a car worth more than that, you should factor this tax into the cost of your gift.
If you do end up buying a car as a gift, we can make it easy to get the right car insurance in Pasadena, CA. For all of your Southern California car coverage needs, contact Massive Insurance. We know that this is a huge gift and we can help you give it the protection it deserves!