My father in law recently got a letter from the DMV in PA that they are going to suspend his license because he was diagnosed with early Alzheimer's by a doctor. The good thing is he doesn't feel comfortable driving anymore. My husband and I are new to all of this. What do we need to do? Call his insurance company and take him off his car insurance? We are unsure if we should sell his car or put his car on our insurance and keep it in his garage?
My MIL stopped driving about 5 years ago but thought she'd probably take it up again as soon as she was feeling better. Of course, she just continues to decline...and even tho her car sat, unused for all 5 of those years, it also declined. It's worth less than half of what it was worth 5 years ago. I guess she thought she could take the estimate she got 5 years ago ($5K) and it would maintain that value.
Nope, not even close. We tried mightily to sell this car and NOBODY wanted it. Kept in immaculate condition inside and the engine, but with so many dings and scratches on it now, we can't even get people to take it for a test run.
So MIL is angry b/c she won't sell it for less than $5K and nobody will pay that for a 1998 Ford Taurus with a lot of body damage.
DH and his sis should have pushed her harder 5 years ago to get rid of it. Now she doesn't have the mental capacity to fathom selling it.
Just one more thing to do after she passes.
When Mom stopped driving, we sold her car. Out of sight, out of mind. If you sell FILs it should be at market value if u think Medicaid will be needed in next 5 yrs (or whatever the criteria is in ur State). If there is still a loan on it, maybe sell it back to the dealer he bought it from.
You probably shouldn't uninsure it till u sell it. The buyer may want to test drive it. Call FILs insurance company and see what they say. There is something about insurance being cheaper if the car is rarely driven. Of course he should be taken off as a driver.
Take the plates (some states plate) off when u sell it. Buyer should have his own plate/s. Then take the plate/s to the DMV and turn it/them in. You will get a receipt.
If you don't have the authority to sell it, at least disconnect the battery to keep from ruining it. If the car any any particular value, you can change the insurance to non-operative status to save a lot of money on the premiums. Call the insurance agent to change it.