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Do both the buyer and co-buyer have to be on same insurance policy even if one never drives the car?
Wiki User
∙ 2012-08-01 04:41:20
As the cosigner has a financial interest in the property, meaning if something happens to the vehicle he can be made to pay "All" the bills, Then he should certainly be insured on the policy for any loss regardless of whether he is driving it.
A cosigner is jointly and severally liable to the lien-holder for the full amount of the note and is probably required to be insured under the finance contract anyway. The cosigner if unlicensed and does not drive should at the very least be listed as a holder of interest in the lien-holder section so that they will receive notification from the insurer should the primary have any lapse in coverage.
The primary driver should also pay any additional premium required to insure the cosigners interest. After all, he was kind enough to co-sign so you could buy the car, the least you can do is make sure he doesn't wind up in the poor house should something happen to it.
Should the primary Driver / borrower refuse to insure the cosigners interest, it would probably be prudent for the co-signer to take legal recourse against the primary borrower before a loss occurs.
Wiki User
∙ 2012-08-01 04:41:20
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Does the buyer have to be at the trade of a vehicle when cobuyer trades?
Yes
Can a cobuyer refinance a auto loan and remove the buyer from loan?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
Can a buyer remove a co-buyer from auto loan?
Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.
Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?
IF your name is on the TITLE as buyer or cobuyer, you have the right to POSSESSION. Do you know where the car is? Do you have a key?
If you are the cobuyer of a car and also the cosigner and you have made all the payments and are ahead can the other buyer take the car?
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state
Who is responsible for the auto loan buyer or cobuyer?
If the buyer does not pay the loan, then the lender comes after the co-signer. Late payments affect both credit reports. Most recommendations are not to co-sign a loan.
Does the co-buyer have to be on the insurance policy if he does not drive the car?
Not where I live in Ohio. My mother co-signed a car for me, and her name didnt have to be on the insurance, as long as the vehicle carried full coverage insurance in my name.
Does lien holders insurance cover cost of unpaid bills after closeing?
No, a Lien holders "Single Interest" insurance policy, only covers the lien holders interest in the property, not the interest of the previous owner or foreclosed buyer. When a lien holder places it's own policy on a foreclosed or otherwise uninsured home it means that the buyer chose not to have insurance. The Lien Holder has placed the coverage to protect it's own interest. This type of policy is also referred to as "Single Interest Policy".
Who are the buyer of insurance?
Customers
Do you have to put the auto insurance in your name if the co-buyer wants to insure it by herself?
You both have to be named on the insurance policy because you still can be jointly sued as being co-owner of veh.
How can you find out if someone has purchased life insurance in your name or in the name of your child?
Ask them. Sounds simple but there is no one central repository of insurance policy information in the U.S. So if the policy buyer didn't tell you about the policy then it did them no good to buy it because unless you know about it then your heirs can't make a claim even if the policy was good.
Who is a good insurance company for a first time policy buyer in Georgia?
Allstate Insurance Company offers automobile insurance to uninsured as well as insured customers. You can call their eight hundred number or check out their website at allstateinsurance.com.
