In order to have your Discount Rate with ICBC raised every year, do you have to be an owner of a vehicle?
Do you have to insure a vehicle every year for a minimum amount of time?
I am asking because, my cousin is thinking of transferring ownership of his car to my name as I have a higher discount rate. Transfer it over as a gift, so he doesnt have to pay extra fees/taxes.
I understand that if anything does happen to the vehicle, it will be my record that will take the hit, but then again, its my cousin, so i trust that hell pay me for it.
Were just concerned about the insurance rate.
Any info would be great. Thanks.