answersLogoWhite

0


Best Answer
Lien Holders Insurance Indemnity ClauseYes, Your finance contract (Loan) almost always requires that the borrower provide a Full Coverage Auto Insurance Policy on the vehicle being financed to protect the lien holders interest in the property until the loan has been satisfied. It's a matter of your finance contract. Failure of the borrower to provide the coverage required under the terms of the finance agreement puts the borrower in "Default" on the finance note subjecting the vehicle to repossession and other remedies at the lenders disposal. Include All DriversFor Full Coverage, The Insurance policy should be properly in the name of the vehicle owner with any additional drivers listed as additional insureds on the policy. When the vehicle is still under a finance note. The finance company will generally require that the buyer maintain full coverage auto insurance until the note is paid. As this is part of the finance agreement signed by the buyer, failure to do so can subject the vehicle to repossession by the finance company. Operators LiabilityFor liability only, any driver may obtain a liability policy for operation of the vehicle whether they are the owner or not, Since the Driver as well as the vehicle owner can both be held equally liable for any loss regardless of who is driving, most insurers will require you address the insured status of the owner as well. Owners LiabilityThe owner "Name on Title" is just as liable for an accident in the vehicle as the driver is, even though the owner may not have been driving when the accident occurred. If someone was kind enough to sign for you to buy a car, the least you can do is make sure you don't expose them to a lawsuit over a future accident you may have in the car. This is why many states have begun requiring the owner to have sufficient coverage regardless of whether the owner actially drives the car.
User Avatar

Wiki User

โˆ™ 2013-11-15 20:16:21
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Does an auto insurance policy have to be in the same name as the car loan?
Write your answer...
Submit
Related questions

Can you get insurance on auto that is not in your name?

You can pay for insurance on an auto that is not yours...but the policy must be the titleholder's policy.


Does auto insurance policy have to be in the same name as on the title?

does the name on the insurance policy have to be the same as the title in anderson south carolina


At what age should my teen get his own auto insurance policy in Rhode Island?

A teen in Rhode Island should get their own auto insurance policy when they get a car in their name.


If your name is on the car loan and your 19-year-old gets her own insurance will you have any legal liability if she is involved in an accident?

The Insurance Company, Then The Name On The Title Of The Auto. If It Got To That. If There Is Insurance On The Auto In Her Name All Should Be OK. Best To You


Can you have a car loan in your name and someone else carry the insurance on the car?

Your name must be on the insurance policy, otherwise you are not a covered driver under that insurance policy. Failure to disclose a known driver can void any coverages afforded by the policy and is a well known form of insurance fraud.


Is it possible to have your name on your parents insurance policy if the car loan and the registration are in your name?

This is not a good idea. You need your own insurance policy. There are coverages you do not have by being on your parents policy. You want to be a "named insured". This means that you control the policy and not your parents. If you want to loan your car to anyone you can, if you are on your parents policy you cannot do this. Also if you need to rent a car, you are not covered under your parents policy to do this. You would be under your own policy. Contact your insurance agent for a better explanation.


Is my husband covered if auto and auto insurance are in my name?

Your husband must be on your policy to be covered. In some States you have to ad your spouse to the policy regardless if they will drive your vehicle or not.


Can I get insurance on a car that the loan is in his name only?

yes. if you're living together, his policy requires you to be on it.


Can a person get auto insurance on a auto if the auto is not in their name?

Answer 1: yes, my sister is borrowing my car and she her own insurance on it.Answer 2: You can always get insurance as an additional driver on another person's car insurance policy. Isn't that how children in the house are added to their parent's car insurance policy?


Does auto insurance expire at death?

Yes, if the policy was in the sole name of the diseased - because the contract/policy is with the person NOT the car.


How do you find out if someone has auto insurance?

get a copy of the police report. it gives you the name of other parties insurance company and policy number.


Does auto insurance policy have to be in the same name as the title owner in Michigan?

Not typically. The insurance is typically in the name of the person to whom the car is registered and this is not always the name shown on the title.


I have an auto loan in my name can i get another auto loan in my name?

If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.


If you dont have an automoble Can you put insurance on your drivers license?

No. Auto insurance is just that ... an insurance policy for the automobile, and those who ride in it or drive it. If you have the full permission to drive someone else's car, and they have the proper auto insurance in full effect, then you are covered under their policy. If you are going to be driving their vehicle most of the time, then they need to add your name to the policy.


How do you check an auto insurance company name by policy number?

If you take it to your insurance company they should be able to locate the policy number be reading the letters. My son was involved in an accident with someone who did not speak English. The police gathered the man's information and my son assumed that the name of his insurance company would be on the police report. It was not and our insurance company (Liberty Mutual) said they could not determine the name of the other driver's insurance company by the policy #. Does anyone know what company issues auto insurance with the prefix APV in the policy number? i believe APV is travelers


How can a parent remove a child from an auto insurance policy after he's turned 18 years old and has moved away from home?

Just call up your insurance company/agent, and tell them that you request his name to be removed from your policy. They will then issue you a new policy w/ id cards. Some insurance companies require that the 18 year old has acquired auto insurance elsewhere before removing them from the parent's policy. This may prove difficult for the parent who may be forced by the insurance company to carry auto insurance on their child indefinitely until such a time when insurance can be obtained.


Can a sibling living in the same state as another sibling carry that sibling under their auto insurance policy?

You can carry anyone on your policy if the vehicle is in your name.


Can the name on the insurance policy differ from the name on the car loan?

Anyone driving and all owners of the vehicle should be a named scheduled driver on the Auto Insurance Policy to have proper coverage under your states financial responsibility laws. The terms of your Finance Note if the vehicle is financed will also require that the purchaser be listed as an insured in order to be in compliance with the Finance Note.


Does getting a auto insurance policy in your name effect your credit score?

No, it does not affect your credit score at all.


If your co-signer is the only one on the auto loan but you are the driver and making the payments does the insurance have to be in your name or the co-signers?

Normally, the company that gave the loan requires that the person borrowing the money keeps the insurance. To be sure, ask the lender.


Can auto insurance be in a minors name as long as the guardian is a signy?

Most insurance companies will not allow insurance to be in a minors name. The reason for this is that an insurance policy is a legally binding contract and a minor cannot usually sign such a contract. It is usually also not a goo idea to have a vehicle titled to a minor and the policy should be in the name of the person who owns the vehicle.


If a friend wants to buy your car but doesn't have the credit to get a loan and you keep the car loan and insurance and they pay you the car payment and insurance who is liable if there is an accident?

The person with the insurance. Never allow someone who isn't on the policy to drive the car. * The person who has their name on the title is primarily responsible, so since there is a loan on the car in your name, the title must still be in your name. If your friend crashes the car YOU will be responsible for HIS injuries as well as any damage and injuries to others. If you do not have his name on the policy as the primary driver and the insurance company finds out he was buying the car from you and driving it on a regular basis, they may refuse the claim AND prosecute you for insurance fraud. == ==


Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?

No. The cosigner would have to apply for a loan in their name using their credit, income data.


Does auto insurance policy have to be in the same name as the title owner in Texas?

kids play with their nipples if they want them hard when you get older.


Can you find an auto insurance company name from a policy number?

Usually not. While some insurance companies use certain policy numbers to tell someone within the company what type of policy it is, you usually cannot tell what company it is based only on the policy number. For instance, a large number of insurance companies use "PA" as the starting of a policy number sequence for auto insurance. The reason for PA is that it tells company people this is a "Personal Auto" policy. But with many companies using the same prefix it would not tell you which company it is because the rest of the policy number is just a combination of numbers and letters to show different individual policies.