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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.

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โˆ™ 2012-08-01 04:41:20
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Q: Do both the buyer and co-buyer have to be on same insurance policy even if one never drives the car?
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Can a buyer remove a co-buyer from auto loan?

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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?


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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.


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A fire insurance policy has an annual premium of 780 What is the regular refund if the policy is canceled by the insurance company after five months?

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Do you have to put the auto insurance in your name if the co-buyer wants to insure it by herself?

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If you sell a car and agree to maintain the car insurance for the buyer and the buyer pays the premium and then the buyer is in a car accident does the seller's insurance cover the damage?

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Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?

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How do you get a co-buyer off of a car loan if they are in default?

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What is title insurance for?

Title insurance protects you against hidden problems with the ownership of the property, i.e. if the seller doesn't have full rights to sell. It insures that there are no liens or mortgages left unsatisfied on the property. When a buyer purchases a property, title insurance protects them from any claims of ownership, lien, or mortgage placed on the property before the buyer takes title to the property. If the information upon which the title insurance is based is incorrect, and a claim is asserted against your ownership of the home, then the policy indemnifies or protects you from experiencing a financial loss directly attributable to a claim that is covered by the policy.


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