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Does a co-owner of a vehicle who has never driven the vehicle have accident liability if his only reason for being on title was to get the vehicle financed?
You bet. If the other owner of the vehicle doesn't carry insurance on the vehicle -- or lets it lapse -- and has an at-fault accident, the injured party can certainly come after you as a part owner of the vehicle.
If the other owner carries insurance, however, you're pretty safe. The insurance carrier handling the vehicle and any accidents will protect the owners' interests to the limits of the policy. If you know the vehicle has insurance, and you're still worried, take a moment to review the policy coverages and limits on the vehicle. Just so you know, the insurance you carry on the vehicle you do drive would not extend to a co-owned vehicle like this, unless you've told your carrier about it.
What else can I help you with?
Can a cosigner coowner repossess a vehicle if the primary has not defaulted payment on the loan?
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
Does liability coverage cover the person driving and causing the accident?
Liability coverage offers coverage for bodily injury and property damage to the other vehicle and passengers who you hit if the accident is your faulty. It does not cover you or anyone in your vehicle.
When is liability needed?
When you cause an accident that damages another vehicle or hurts someone
Driver become subject to liability insurance law when accident damages amount to?
You are subject to liability insurance requirements whether or not an accident occurs. An accident has nothing to do with liability requirements. You are required to have liability insurance of at least the minimum required by your state before getting into a vehicle and driving it. Driving is what triggers the law.
When is liability insurance needed?
When you cause an accident that damages another vehicle or hurts someone
Cam coowner of insured vehicle be sued personally along with driver of vehicle that is involved in cAR accident in Texas?
Yes. Anyone can file suit against anyone for any reason. Whether it gets dismissed right off the bat or not is dependent.
Drivers become subject to the liability insurance law when accident damages amount to?
You are subject to liability insurance requirements whether or not an accident occurs. An accident has nothing to do with liability requirements. You are required to have liability insurance of at least the minimum required by your state before getting into a vehicle and driving it. Driving is what triggers the law.
What is liability coverage on auto insurance?
This means that if the accident was your fault, your insurance will pay(up to an amount that is on your policy) for the other property and persons involved in the accident. Liability insurance does NOT cover your vehicle damage.
What does property damage liability car insurance cover in an accident?
Property damage liability car insurance will cover the individuals car and property that you hit. It will not cover anything to do with your vehicle if the accident is your fault.
Does liability pay off if there was just your vehicle in the wreck?
It does not pay for your vehicle. You would have to have collision insurance. In a one vehicle accident, liability only would come into affect if you caused damage to another person's property.
Does the owner of a vehicle have any liability if the co-buyer has an accident while driving it?
You might. Many states have vicarious liability laws. Vicarious liability in this situation means that as the vehicle owner, you may be responsible for how the vehicle is used. You should consult an attorney licensed for your jurisdiction.
What is the difference between liability insurance and full coverage?
Liability insurance pays for someone else's damages if an accident is your fault but won't cover your vehicle. Full coverage provides liability insurance as above but will also cover your damages to your own vehicle in an accident regardless of whose at fault, as well as theft, fire, etc.
