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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?
Wiki User
∙ 15y ago
Normally, the company that gave the loan requires that the person borrowing the money keeps the insurance. To be sure, ask the lender.
Wiki User
∙ 15y ago
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Is the cosigner of a vehicle responsible for the negligent operation of the vehicle?
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.
Do you have to get your auto insurance under your cosigner's auto insurance if they cosign for you?
maybe it will help you - autoinsurance.aains.us/adding-young-driver-auto-insurance-policy/
Can you put the car insurance under the cosigners name only?
The insurance should be under the name of the person to whom the car is titled and registered. Also, if the person who legally owns the car is not the person who will be the main driver of the car, the person who will be the driver on the car should be added to the policy.
If a driver is uninsured and at fault can he make payments to the insurance company or does he have to pay the full amount?
All companys that I am aware of will accept payments.
Who has to have insurance on the car the cosigner or the buyer?
You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
If an insured driver with permission from an insured car's owner gets into an accident will the driver or the owner be responsible for payments?
the owner of the car with insurance will be responsible
If the father is primary and his college student child is cosigner who is responible for the insurance?
The answer will vary from state to state, loan to loan and insurance company to insurance company. However, in most jurisdictions the DRIVER is responsible for insurance, regardless of who owns/titles/leases the vehicle. If I understand your question, you are asking whether the principal on the loan or cosigner is responsible for insurance? Most insurance companies could give a rats donkey WHO carries insurance, so long as insurance meets the loans stipulations, but you would be best suited asking the insurance company.
I just bought my car and the insurance is way to high just because I'm a new driver can i put the insurance under my dads name so that he can put me as a second driver to reduce the payments?
yes but you have to sell the car to your dad for 1.00 dollar
Does insurance follow the driver or the automobile?
Insurance follows the driver.
Do both the buyer and co-buyer have to be on same insurance policy even if one never drives the car?
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.
Do both the buyer and co buyer have to be on same insurance policy even if one never drives the car?
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.
Does a cosigner need a driver's license?
You need a lisence to drive the car, but not to cosign a loan.
