Let me clarify, you are signing on the loan paper as the co-singer for the loan, and want your name to get listed in the MV policy document _________________ Register Now to have your Insurance queries solved.
i want to buy a truck for someone but leave the loan in his name. But i'm worried about getting insured in my name.
First no offense but the truck owner is making a HUGE mistake..AND so are you....yes, you can get insurance in your name, and the actually owners name... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
want to buy a truck for someone but leave the loan in his name. But i'm worried about getting insured in my name.
I believe when the other person is paying for it then he is the actual buyer.
You may obtain insurance for someone else's car if the car remains in your possession for any reason. On the other hand if your friend owns the vehicle he has to register it with his own name in order to get it covered. See, if you'd be driving his car at times you may be looking for non-owner's insurance which would cover the liability, injuries, UM & UIM but it will not offer any collision & comprehensive cover.
Regards, ArindamSenIndies
Huntly, you can purchase insurance on other's car as long as you have the authorization to do so and also have a definite insurable interest. The insurer may require you to be the primary driver on the car before issuing the coverage.
However, just be informed that the legal owner of the vehicle is only entitled to receive the coverage for the covered losses, except for the liability issue, where the other party receives the benefits. Hence, purchase the benefits judiciously, otherwise you may be only wasting your money, since most of the benefits will go to the original owner of the truck.
In my state you can't get insurance on a vehicle that is owned by someone else.
There must be insurable interest. In this situation, it basically means that you have to own the car. There are exceptions. For example: A lien holder force you to get coverage on a car and can , I beleive, purchase coverage that protects their interests if you fail to pay your premiums.
However, I don't think that any of the exceptions fit your situation.
If the paperwork isn't right, the insurance company can refuse to pay a claim. If you are in a situation where you have no choices that are good. Make sure that you do what you can to rectify the situation as soon as you can.
Maybe you can be listed as the lien holder. The other person will still own the car, but you can hold the title and keep him from selling it until he pays you back.
You can't insure the car, but you can be notified by the insurance company if he doesn't pay the premiums and is in danger of having the policy canceled.
This is what banks and other lenders do when they give car loans. I'd imagine that you have the right to do the same thing. I don't know the specifics on how to do this however.
