Currently two parents and two cars. Now you’re thinking of getting a third car for a teenage driver. Question is should the car be purchased in the kid’s name or in the parent’s with the kid added as a third driver? (Also, is it even possible to add a car in the kid’s name to the parent’s policy or would the kid need a separate policy?)
A lot of this depends on where you live and what insurance company you have and all of that, but generally it is significantly less expensive to title the car to the parent and add the child as an additional driver to the parent’s insurance.
Talk to your insurance agent, they’ll give you a straight-up answer.
FWIW make sure that the kid is on the insurance for all the cars. In my experience, even if you have as many cars as drivers, everyone will be switching cars all the time.