| Message |
Author |
|
 Posted: Fri Aug 15, 2008 3:42 am Post subject: can insure a car with being on the title |
|
|
| 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. |
|
huntley_five
New member
Joined: 15 Aug 2008
Posts: 1
1.36 Dollars($)
|
|
| Posted: Fri Aug 15, 2008 6:52 am Post subject: |
|
|
Who is going to drive the truck?
Let me clarify, you are signing on the loan paper as the co-singer for the loan, and want your name to get listed in the MV policy document 
_________________
Register Now to have your Insurance queries solved. |
|
boulevard_trader
Guest
|
|
| Posted: Fri Aug 15, 2008 9:22 am Post subject: |
|
|
| Quote: | | i want to buy a truck for someone but leave the loan in his name. |
When you're buying the truck on behalf of other with his money, that implies that the other person is actually buying the vehicle.
| Quote: | | But i'm worried about getting insured in my name. |
Why do you want to insure the truck in your name? Will you be the one paying the premium for the policy?
Please provide us with more information for better responses.
~Jeremy |
|
JeremyHolter
Senior member
Joined: 06 Jun 2007
Posts: 1142
204.75 Dollars($)
|
|
| Posted: Fri Aug 15, 2008 10:04 am Post subject: |
|
|
| Quote: | | 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...
_________________
**************************************
Life gaurantees a chance NOT a fair shake
**************************************
FIND a way EVERY day to lighten the load of another
************************************** |
|
Lori
Moderator
Joined: 10 Sep 2007
Posts: 6810
Location: Missouri
44.12 Dollars($)
|
|
| Posted: Fri Aug 15, 2008 10:21 am Post subject: |
|
|
My friend, | Quote: | | want to buy a truck for someone but leave the loan in his name. But i'm worried about getting insured in my name. |
I believe when the other person is paying for it then he is the actual buyer.
You may obtain insurance for someone else's car if the car remains in your possession for any reason. On the other hand if your friend owns the vehicle he has to register it with his own name in order to get it covered. See, if you'd be driving his car at times you may be looking for non-owner's insurance which would cover the liability, injuries, UM & UIM but it will not offer any collision & comprehensive cover.
Regards, ArindamSenIndies |
|
ArindamSenIndies
Senior member
Joined: 14 Feb 2007
Posts: 331
65.81 Dollars($)
|
|
| Posted: Fri Aug 15, 2008 10:23 am Post subject: |
|
|
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.
Thanks,
Jeorge |
|
jeorge
Senior member
Joined: 07 Oct 2005
Posts: 753
129.23 Dollars($)
|
|
| Posted: Fri Aug 15, 2008 12:32 pm Post subject: |
|
|
In my state you can't get insurance on a vehicle that is owned by someone else.
There must be insurable interest. In this situation, it basically means that you have to own the car. There are exceptions. For example: A lien holder force you to get coverage on a car and can , I beleive, purchase coverage that protects their interests if you fail to pay your premiums.
However, I don't think that any of the exceptions fit your situation.
If the paperwork isn't right, the insurance company can refuse to pay a claim. If you are in a situation where you have no choices that are good. Make sure that you do what you can to rectify the situation as soon as you can.
Illegally registering a car or improperly insuring it can bite you in the rear and bite hard if you get caught.
_________________
Insurance blog
Personal insurance quotes
CT health insurance
insurance leads |
|
Alston
Preferred member
Joined: 15 May 2007
Posts: 109
Location: Bridgeport, CT
35.69 Dollars($)
|
|
| Posted: Fri Aug 15, 2008 12:37 pm Post subject: |
|
|
I just reread the original question.
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.
Good luck,
_________________
Insurance blog
Personal insurance quotes
CT health insurance
insurance leads |
|
Alston
Preferred member
Joined: 15 May 2007
Posts: 109
Location: Bridgeport, CT
35.69 Dollars($)
|
|
