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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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Related questions

Does the buyer have to be at the trade of a vehicle when cobuyer trades?


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 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 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".

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?

An insurance premium is the amount that the buyer pays the company monthly or annually which keeps the policy in effect. If a person paid a 780 dollar annual premium which was canceled after 5 months, they would be owed a 455 dollar refund.

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.

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

Who are the buyer of insurance?


Can you transfer real estate title insurance to a buyer?

Not sure but i think can't transfer real estate title insurance to buyer

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.

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?

At the time of the loss the named insured on the policy and the title holder has to be the same (or family) for the insurance to be proper. If a 40 year old male sold his vehicle to a 18 year male, and the insurance was kept in the name of the 40 year old person, there might be a problem paying for a claim, especially in situation where there was an accident involving the 18 year old, regardless who paid for insurance.

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

Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.

What difficulty did insurance companies face in under-writing a policy of title insurance?

in order to ensure the validity of title for a buyer, title insurance companies had to also track prior owners of the land and determine if the land had any easements, liens, or other encumbrances

If the lender had me sign as the buyer and my nephew as the co-buyer when it was supposed to be the other way around is there any recourse?

No, but there is no need for recourse. Under the law, the difference between the buyer and cobuyer, the signer and cosigner, the maker and comaker, the debtor and codebtor is negligible. They are simply different terms use to identify two separate parties who are eaually repsonsible for a debt.

What is the meaning of Insurance is the subject matter of solicitation?

'insurance is a subject matter of solicitation', which essentially means that insurance has to be requested or asked for, not sold. - Souvik Maitra To fully understand the meaning of this cryptic phrase, take a look at the wording of any insurance policy that has been issued by an insurance company to a customer. Every insurance policy says that the insurance company is providing you insurance against a risk on YOUR request/solicitation, i.e. the company agreed to sell you its insurance policy after you solicited or asked for such a sale. In legal terms, insurance is a product that should not be pushed by a seller, but should be pulled by a buyer. That doesn't happen in real life, though -- Kapil Bajaj

What does title insurance protect the buyer from?


If you are a first time car buyer but are covered under your parents policy for their car will you need to purchase new insurance before you pick up the car?

every car has to be insured separately, so the new car has to have its own insurance on it.

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

You don't. If the cobuyer has possession of the vehicle and is no longer making payments, you as the buyer may take possession and either take up and make current the payments, or voluntarily surrender the vehicle. Failure to do so will result in repossession, and will adversely affect your credit.

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.

If you are a co-signer on a car loan for your son do you have to be listed on the insurance policy?

Most likely not. The purpose of a co-signer is when someone has "insufficient credit" to finance a vehicle someone else has to be on the application so in the case the main buyer messes up, the person cosigning will also be held responsible. In terms of insurance, as long as he has his own license and his name is on the registration, he can have his own insurance policy.

Who pays for Title Insurance in Marion County Florida?

If the transaction is a refinance, then the borrower (current owner), pays for the Mortgage Title Insurance, for coverage on the new loan. If the transaction is a purchase, the title insurance fees are negotiable and either buyer, seller or both can pay the fees as per what is regional practice or what has been negotiated into the sales contract. All states vary, yet who pays on a purchase is always an elective and negotiable between the parties involved as to the Owner's Policy. Typically the new buyer pays for the Mortgage Policy regardless as to who is paying for the Owner's policy.

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