Wiki User
∙ 2015-07-16 19:19:13No
The seller might require it, but even if you had it, you could argue that the seller's coverage would apply since you hadn't taken possession of the vehicle. Almost always, the insurance follows the car, so if one of the seller's employees had an accident in the car, your carrier might be approached. Most likely, though, your carrier would understand that the vehicle hadn't really been in your possession, or didn't technically belong to you yet, and would advise the seller to look to their own carrier.
Strange request by the seller, though, if that's indeed the case. I'd be wary...
Wiki User
∙ 2015-07-16 19:19:13Wiki User
∙ 2017-03-22 18:32:54You should contact your insurance company.
Yes, I recently bought me insurance and they asked if I was going to be the driver or not.
You are confusing me. The primary borrower should have the registration, insurance, and possession of the vehicle, not the cosigner. I am currently going through a situation where I cosigned for a car for my sister. Due to her lack of making payments, I have hired an attorney to try to obtain possession of the vehicle. Both her and I are listed on the registration/title as 'or'. She has possession of the vehicle, the registration (which I obtained a copy of from the Motor Vehicle Office) and carries the insurance. My attorney tells me although I am on the title, registration, and loan, in oder to 'take' the car I have to go to court and have the judge issue a Writ of Possession. This being the case, depending on your state laws (I am in Florida), the other person would likely have to go to court to get the Writ of Possession to take the vehicle from you. I have learned the hard way (I am quite jaded because of this experience) the person who has the car in their possession has most of the rights - regardless of who is making the payments. Hope this helps. DON'T EVER CO-SIGN FOR A CAR FOR ANYBODY NO MATTER WHAT!!! PLEASE LEARN FROM MY MISTAKES!!!
Well, technically, whoever was in actual physical possession of the vehicle at the time the ticket was issued. However, as the registrant of the vehicle, it's going to be assumed to be on you, and you'll have the burden of proof to show that you weren't in possession of the vehicle at the time the ticket was issued.
No, but unless you are paying cash for the vehicle the lender is going to want insurance coverage on the vehicle until it is paid for in case something happens to it. Therefore, the lender is going to want a policy number insuring their vehicle is covered.
Any vehicle that is going to be used for commercial purposes would qualify for a commercial vehicle loan. You will also have to have commercial insurance on the vehicle.
The question is: where is the insurance company going to send you the bill?
It may if you are driving a company vehicle and are on company time. However, if you are driving your own vehicle and are simply going to or coming home from work, the only coverage you have is your vehicle insurance.
If the accident is your fault, your insurance company is not going to pay out anything. If it is the other person's fault, the other insurance company will be liable.
Auto insurance typically takes effect upon purchase of a vehicle and will include a time & date - you need to have that vehicle insured before it hails. Note that liability insurance doesn't cover hail damage. If you're replacing a vehicle and transferring tags & call your insurance company within the hour of buying the auto, you may be covered. The dealer/seller assumes all liability until insurance coverage is obtained, not necessarily when the vehicle is actually sold. So....the seller is going to want to see that proof of insurance. That should be done concurrently with that sale. E.g., when you test drive a vehicle the vehicle is covered by the dealer's policy(s) and sometimes your own, current liability insurance on a vehicle you own. This all depends on how much risk you are on the road in any vehicle and who currently insures your 1st vehicle. If you don't provide proof of insurance and finance a new vehicle, the lien holder also has an vested interest and wants to be recoup any possible loss. They'll want that proof of full coverage insurance before you get behind the wheel as a new owner. Additionally, if the dealer either arranges financing or they are a finance agent, they're obligated to assure the vehicle is fully insured for their protection of investment before you take possession.
Some policies do. Check with your provider before if you are worried about going through.
Yes, if she has not been previously excluded in writing. If she is going to be a regular operator of the vehicle then she needs to be listed as an operator on the policy. An automobile insurance policy coveres named insured, family and anyone who with PERMISSION drives the vehicle.
Naturally, with cheaper insurance, you're going to get less coverage. Most bare-minimum plans don't cover vehicle theft, for instance.