After I sold my wife's car, I went to the insurance broker (who also deals with transfer and sales tax) with the new buyer and registered the car/insurance in their name. A bit awkward, but was great for peace of mind. The system in BC is a bit more involved, as there is sales tax owing on private used car sales. Another reason why it makes more sense to into the broker and ensure that everything is sorted.
Another thing to think about is that if the vehicle is in your name, you're potentially liable for any accidents caused. This can be particularly troublesome, if the car is being driven without valid insurance.
|