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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.

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โˆ™ 2007-03-01 17:08:07
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Q: Who has to have insurance on the car the cosigner or the buyer?
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Related questions

Is a cosigner liable for a death if the car has no insurance?

No, a co signor would not be liable. A co-buyer would be liable.


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.


What type of insurance should a cosigner obtain on a car?

The insurance reuire by your lender.


Does the buyer of a car have to have a job if they have a cosighner and for how long?

if you have a good cosigner then all that matters is their credit and work history... if you renage on the deal they go after the cosigner


If you are the cobuyer of a car and also the cosigner and you have made all the payments and are ahead can the other buyer take the car?

Daughter and husband are getting divorce and she is the co-buyer can she take it out of state


If you finance a car in your name or with one of your parents as a cosigner will your parents insurance cover it?

no


If the primary buyer refuses to make car payments and drops the car off to the cosigner What is the cosigners responsibility?

To make the car payments. Just be glad you have the car too.


How can you find out if you are a co-buyer or a cosigner on a car loan and would your name be on the title and registration if you are a cosigner?

Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.


Cosigner need insurance?

The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.


What if 18 year old cosigner for an auto files bankruptcy when buyer defaults - Oklahoma?

Both have a problem and the car will be picked up by the bank.


Can a buyer back out of a car contract if unable to afford the cost of the insurance?

Nope, once you sign, the car is yours. You can still pay the loan for the car without insurance.


What if you have a car loan and have an accident and bank or insurance didn't make sure you had full coverage?

When a person finances a car, proof of insurance is required, a buyer has about 24 hours to let his insurance company know about his car. In the event that car buyer stops making insurance payments the finance company is almost immediately notified and your car finance agreement charges the buyer a higher monthly payment for "single interest" insurance. That is where the finance company is reimbursed if vehicle is damaged, to protect their interests but not the buyer's. They can then at least get it fixed, and sell to someone hopefully more responsible. They have this stuff all figured out.

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