answersLogoWhite

0


Best Answer

By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.

User Avatar

Wiki User

โˆ™ 2011-03-31 20:03:07
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: Does the cosigner on an auto loan have to be on the insurance policy?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Can a cosigner on an auto loan get insurance on the vehicle?

Yes


Can your daughter be on your car insurance if you are not cosigner on her car loan?

Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.


Can you be seventeen and have a cosigner cosign for an auto loan?

i was able to get an auto loan with the help of a cosigner and im under 18


Can a spouse be a cosigner on an auto loan?

yes


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.


What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?

The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.


Does the cosigner on an automobile loan have to be on the automobile jnsurance policy?

Not in my state.


What does it mean to have a guarantor on an auto loan?

A cosigner- someone who agreesto pay the loan if you default


What is the insurance liability for the cosigner of an auto loan?

None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.


Is the loan for a vehicle paid off when the owner dies?

Not under the standard auto insurance policy.


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.


If you apply for an auto loan and have a cosigner will that decrease the amount of positive credit you get from having that loan?

Nope

People also asked