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If the primary has let her insurance lapse due to non-payment is the cosigner in danger of being sued in the event of an accident?
Wiki User
∙ 8y ago
The co-signor isin danger of having to pay the balance due on the loan at all times. If the signor cant afford ins, the notes will be the next thing they cant afford. NEVER CO_SIGN.
Wiki User
∙ 8y ago
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Is a cosigner on a car liable if the primary borrower is at fault in an accident?
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
Can you sign a Waiver of Insurance that means the cosigner is not responsible if you are in an accident?
It's not necessary for a waiver as the co-signer would not be responsible. A co-signer is only responsible for repayment of the loan, if the primary borrower defaults.
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.
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
If you have an accident driving your friends car who insurance covers?
typcially , ''insurance stays with the car'' meaning the insurance on the vehicle would be primary..........
Can a cosigner have a primary title holder taken off the title?
If you go to the registration office with the primary and have them give consent to the cosigner
Is a cosigner responsible for overage miles?
A cosigner is responsible for anything the primary party does not pay.
Is there a way for the cosigner to be removed as cosigner if primary owner defaults?
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
What if you are driving someone else's car and you get in an accident that is your fault?
Their insurance would be primary and your insurance would be considered secondary when filing a claim.
Is auto insurance primary over heath insurance in a auto accident?
Yes... depending on your state though. Your auto insurance medical payments, or if you have personal injury proctection/no fault that would be primary in the event of you or anyone in your car hurt in an auto accident. Your our health insurance would be excess. In some states you can opt to have health insurance primary and auto excess. You can always check with your auto insurance provider, they can answer the question better b/c they can see your policy.
If an out of state driver with no auto insurance has an accident in NJ is their health insurance or the NJ driver's auto insurance primary?
Someone's health insurance is not going to cover any injuries in an auto accident. That covered by the insurance on the vehicle. Since there wasn't any, it would appear the victim(s) only recourse would be to sue. And hope they can collect any judgment they might be awarded. Health Insurance WILL most definitely cover injuries resulting from an automobile accident. Some motoe vehicle insurance policies even have a "health insurance primary" option. The questions was how to determine which is primary , the health insurance or the insured drivers motor vehicle coverage
