Since the car is still in their name. You need to buy a policy that insures both you and the possessor.
The buyers contract requires that they maintain insurance for the life of the loan, so failure to provide a policy in the name of that holder constitutes a breach of contract subjecting the vehicle to repossession.
You need to make sure you have a written contract buying the
vehicle and that the finance company or bank has switched the name
on the contract or I would not recommend taking over a car payment.
The reason is that the vehicle is not yours in any way or style.
It belongs to the other person even if you are making the payments
it still belongs to them. For this reason, you cannot insure a
vehicle you do not own. The insurance company cannot pay you if the
car is totaled and they cannot pay the other person because they
don’t have an insurance contract with the company. Sometimes the
company will make an exception if you have a contract with the
Does an auto insurance policy have to be in the same name as the car loan?
Lien Holders Insurance Indemnity Clause Yes, Your finance contract (Loan) almost always requires that theborrower provide a Total Coverage Auto Insurance Policy on thevehicle being financed to protect the lien holders interest in theproperty until the loan has been pleased. It’s a matter of yourfinance contract. Failure of the borrower to provide the coveragerequired under the terms of the finance agreement puts the borrowerin “Default” on the finance note subjecting the vehicle torepossession and other remedies at the lenders disposition. Include All Drivers For Total Coverage, The Insurance policy should be decently in thename of the vehicle holder with any extra drivers listed asadditional insureds on the policy. When the vehicle is still undera finance note. The finance company will generally require that thebuyer maintain total coverage auto insurance until the note is paid.As this is part of the finance agreement signed by the buyer,failure to do so can subject the vehicle to repossession by thefinance company. Operators Liability For liability only, any driver may obtain a liability policy foroperation of the vehicle whether they are the possessor or not, Sincethe Driver as well as the vehicle proprietor can both be held equallyliable for any loss regardless of who is driving, most insurerswill require you address the insured status of the possessor as well. Owners Liability The proprietor “Name on Title” is just as liable for an accident in thevehicle as the driver is, even tho’ the holder may not have beendriving when the accident occurred. If someone was kind enough tosign for you to buy a car, the least you can do is make sure youdon’t expose them to a lawsuit over a future accident you may havein the car. This is why many states have begun requiring the ownerto have sufficient coverage regardless of whether the owneractially drives the car.
Can your daughter provide insurance for a car if the loan and the registration are in your name?
There are so many potential scripts in this situation. Are you wishing to insure it via the daughter because she has a better record, thus better rates? That would, of course, be considered fraud, and is not advised. Additionally, they are going to rate the policy based on all drivers in the house, so the rates may not improve anyway. Does the daughter live in the same residence? Most other family members would also be covered, IN MOST CASES WITH MOST COMPANIES, but most also require a DMV check on each driver in the house. The company can also list a specific ‘named driver exclusion’. I.E. Seventeen year old Johnny has already received three violations; carrier will proceed coverage but require a named exclusion for Johnny. They will cover NO accidents or incidents in which Johnny is the driver. If she is NOT in the house, is not a regular driver of the insured vehicle, and has no legal relationship to the vehicle financially, but is better able to meet the financial obligation of the premiums, then you should simply have her give the monies to you each month.
Can someone take over your car loan?
The other person would need to apply for a fresh loan to pay off your existing loan. You cannot simply switch the names on your loan. But check with your lender for details. You just simply cannot switch the names on your loan.
What do you do if the insurance for a totaled car does not pay off the car loan?
I faced the same thing about a year ago. The insurance company did not want to give me what was needed. I got on-line and found many cars that were just like mine and demonstrated them that my car was worth more than they were wanting to give me. They still did not want to give me what the car was worth. So I went to petite claims court and filed suit on the driver of the other car. The person’s insurance has to represent them. Also go and look at the comps that the insurance company are using for your car to see if you can substitute the car for what they want to give you. ResponseUltimately it is your responsibility that you either made low payments, took out a very long loan, or picked a car with high depreciation. The insurance company is not liable for the inflated amount you owe–only what the car is worth. ReactionThe insurance company will only give you the value of the vehicle, as per the “Kelly Blue Book”. They will also send an appraiser out to see what the condition of the car was, as in mileage, any previous harm. If the accident was another driver’s fault, you have to sue him and/or his insurance company for the remaining balance.Whatever you borrowed to obtain the vehicle wil always be more than the car is worth. You have already lost money on it as soon as you drove it off the car lot. But do your research. Go online for “Kelly Blue Book”, and get the estimate of the car’s value. If it is more, then dispute it with the insurance company. Print the page out. ResponseWhen you bought the car fresh or used from the dealer you had the option to purchase something called GAP INSURANCE from them (the Dealer, not the insurance company) for your exact situation. If you did not have enough equity in your car for the insurance pay off to cover it AND did not have gap insurance. basically you are screwed and responsible for the rest of the loan amount car or no car. Some people believe Gap insurance is a rip off so they do not suggest it to you and some just don’t know what it is. They do not need to be selling cars. Not fair but the way of life. Father is an insurance sales man. I also had a lady hit me I had GAP insurance and she did not. She still had to pay off the balance on the loan even tho’ she did not have the car. The courts won’t do much because you had the option to purchase gap insurance and you did not, it does not matter that you did not know.
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
The loan must be paid out of the estate (sell of home, life insurance policy, etc…) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be coerced to pay the loan.
Can your name be on the title and registration and insurance while not on the car loan?
No. Find out what car dealers don’t want you to know at www.dealertricks.comThe reaction to this question is YES. Unluckily dealerships can make mistakes and different names can be sent to the state department of motor vehicles and to the finance company. If this happens, it is a very difficult, if not unlikely condition to correct.
Who is liable if you borrow someone’s car get into an accident and neither one has no car insurance?
Assuming that the driver of the borrowed car was at fault, both the proprietor and driver can be held liable. The injured party will most likely sue both..
Whenever you borrow someone’s car, ALWAYS request proof of liability insurance before taking the keys because if this happens not only can you be sued but you might liberate driving privledges until the injured party has been compensated in utter, unless the person you hit had UNINSURED MOTORIST coverage in which case you’d certainly be off the hook but your friend’s car would be siezed and auctioned by police for sure..
How hard is it to get a fresh car loan after a bankruptcy repossessed car has been taken?
I have friends that have had cars repoed and they and went bankruped and got a car,fresh in less than a year. I guess they figure you owe no one any money and they have 7-20 years before you can file again..
It’s not hard at all. The only thing is you will pay a higher interest rate. But you can still get a brand fresh car. Just make sure you can make the payments and attempt to pay it off early. That’s a way also of commencing up a fresh line of credit.
How do you take over payments on a car loan?
Contact the bank or finance company that holds the note on this car. They can transfer the loan to you if you qualify.
If you loan your car to a friend and they wreck your car is your insurance responsible?
yes. plain and ordinary. you lent the car and then they are a permisable driver. As long as they are not n excluded driver or a resident in your house..
It depends, if your policy is a named driver & the driver is not named, your policy will not react. If your policy is a standard auto policy then yes, your policy will react.
If your car is stolen can the loan still proceed and a fresh car be bought with the insurance money?
The loan on the original car was secured by the title of the vehicle. When it was stolen, your insurance company should have paid the value of the vehicle very first to the lender then any remaining money should go to the holder. If the proprietor is “upside-down” in the vehicle he/she will be required to pay off the remainder of the note at that time or make arrangements to pay it off. No, the loan cannot be applied to another vehicle. A fresh loan must be negotiated.
Can you cancel your car loan if the car was taken back to the dealer within Three days?
No. There is no buyers regret law for cars. If you sign the papers, drive it off the lot and Two seconds later it violates into Two lumps, then you own both chunks..
If the reference is to the “cooling off” period that is included in some state consumer laws, this 72 hour period does not usually pertain to vehicle purchases. It would be necessary for the buyer to consult the laws of the state in which the vehicle was purchased to see if such an option is available. .
If the reference is to a defective vehicle, all states have “lemon laws”, the party involved can contact the attorney general’s office in the state where they live for specific information or visit the website https://lemoncar.com for information.
If your mom co-signed a car loan for you and you signed the loan too can you get car insurance for the car in your name only?
Yes, you can purchase your own car insurance. However, you must add your mother (the co-signor) as an extra insurance but non-operator. There is no extra premium for her. She is added on so she is protected an extra registered holder.
How do you take over someone’s auto loan?
You can coordinate this with his bank, or do the loan at your bank to pay his bank off. It cannot just be transferred over, you have to go through a credit check just as if you were buying it fresh.
You want to take over payments on a car loan without notifying the dealership so how do you register the car in your name so you can obtain insurance?
In my state at least (Virginia) the registered proprietor can add anyone he/she wants to the registration, so you could just get them to add you.
How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?
Yes surely you can get another. I was having the same query so I searched for it on net and came across the site AutoFinance-EZ. Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan experienced will explain these factors, and tell you exactly what your interest rate will be. .
If you are not pleased by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.
If you get pulled over and you have no car insurance its your car its paid for What happens?
You will most likely get a ticket for no insurance, not a cheap one if you are in a compulsory insurance state. Most states have compulsory insurance laws that require you to insure your car paid for or not. The idea is to compensate the other driver if you are at fault in an accident, its also a good idea for you since if your car is totaled you will get nothing. I think you can get away with only liability coverage, it will take care of the drivers medical in an accident.
Can you be taken to jail for a car loan being overdue?
No. A car loan is a civil as opposed to a criminal matter. Being behind on a debt is not a criminal matter, therefore you cannot be arrested for it. Never the less, if you are behind on a car loan and if the loan is secured by a lien on the car, you may be arrested if you interfere with the loan company’s attempts to repossess the car, provided that state you are in has laws that make it a crime to interfere with a repossession. But even in this example, you are not subject to arrest for being behind on the loan, you are subject to arrest for interfering with the repossession.
What can happen if you hit someone’s car and you don’t have car insurance?
At fault accident with no insuranceIf you were at fault, you can be held liable for all the costs of damages and injuries associated with the accident you caused. If you had purchased insurance, the financial liabilities would have been transferred to your insurer via your insuring contract. If the other party had only liability coverage, Since you have no insurance, the individual will have to pursue you directly for their loss. As you state that you are uninsured their is no insurance company for them to pursue the claim so they would have to sue you directly if they so choose. If the other party had Utter coverage and was paid by their insurance company, then the right of recovery passes to that insurer who can also pursue you for the costs they incurred in covering the damages from the accident you caused. If you live in one of the Legal U.S. states that have no fault insurance statutes, the other persons insurance will cover a portion of their injuries under very first party injury coverage but No Fault does not apply to property harm so they will still have to pursue you directly for property harm reimbursement. If you live in one of the 38 U.S. states that operate under traditional tort then no fault has no bearing on your financial obligations. Most states do have a “Very first Party” Medical coverage requirement usually referred to as PIP (Individual Injury Protection) for injuries regardless of fault on an auto insurance policy that many laymen confuse with no fault. It is simply an assurance of minimum very first party individual injury coverage for a motorist and should not be confused with no fault. Since No U.S. State has a true no fault auto insurance. The National Insurance Council has recommended several years ago that usage of the term be discontinued to avoid confusion among the general public. ReactionMost injuries will fall under the issues of “No Fault” laws in your state if you live in one the Legitimate No Fault States. Very first and foremost, failure by you to carry auto insurance is a criminal matter in the US. See the laws specific to your state for the penalty that can be incurred for failing to insure your vehicle. Just because you hit another vehicle is not proof that you are at fault. AboutNo FaultInsuranceNo fault insurance laws are similar in every state that has them. Eighteen states have no “No Fault” laws. There are enough differences in those states where No Fault laws exist to make it impractical to give a comprehensive reaction. By and large, you are protected to some degree by the insurance coverage you have. Your contract with your insurance carrier is inbetween you and they. The No Fault laws simply make it difficult or unlikely for you to seek compensation/restitution from the other party’s insurer. It is the place ofyourinsurer to seek damages from the other party’s insurance carrier. Now in the case of an uninsured motorist (UM) or under-insured motorist (UIM), each state regulates what can be done. Much of this falls under private loss, private injury, and liability law. The one matter that is the same in all states is the question of fault. “No Fault” is an insurance matter. The assignment of fault in an accident is a matter of who did what. For example: if you hit another car where the other driver failed to yield the right of way, that driver is at fault. If however you fail to yield, say while coming in the highway (merging from an entrance ramp), and your vehicle clips another, youare at fault. The at fault driver is liable. The courts of each state must determine the dollar amount for that liability. In many states, physical liability is limited (the amount paid out for specific injuries), but the amounts paid out for mental and/or emotional suffering, and punitive damages can be largely unlimited. You must recover your damages from your insurance provider, who in turn may sue the other party’s provider to recover their damages, OR you must sue under Loss, Injury, and Liability laws. If you fail to sue, and you are uninsured, you get nothing. If you are uninsured and get sued, you are liable for the judgment of the court and subject to the collection laws of your state and the federal government. In states like Louisiana and other areas in the south and southwest, recovery from parties unwilling to pay makes civil suit a waste of time. (See the specific collection laws of your state AND the FFDCPA–Federal Fair Debt collections Practices Act). The brief response here then is that you as the uninsured driver can be sued. If you are at fault, the “civil” liability is yours under the jurisdiction of the state courts. In the event of criminal liability or criminal negligence (such as DWI/DUI type situations), the state or federal government will step in and your civil responsibility will be of little or at least secondary consequence. In addition to this, most states have some sort of civil or criminal penalty for those who are uninsured or who do not or cannot provide proof of insurance. For example, in the state of Michigan, failure to provide proof of insurance at a traffic stopcanresult in a civil infraction (the issuance of a ticket), at the discretion of the law enforcement officer. This ticket is similar to a “Repair and Report” type ticket. You will be required to display proof of insurance to the court within, typically, thirty days. That proof need not be retroactive to the date of the infraction. You could purchase insurance the day of your court appearance and sate the court. Failure to display proof to the court CAN result in a misdemeanor charge, with a sentence of thirty days to one year in jail, and/or up to a $500 fine. It is not automatic however, and is up to the discretion of the presiding judge. However, if you are incapable to showcase proof of insurance, AND you have seven (7) or more points on your license, you may be entered into the Driver Responsibility Program (Driver Responsibility Law MCL 257.732a), and you will be required to pay a fee of $200 per year for at least two years. Failure to pay the fee can result in the suspension of your license. As stated previously, every state is different; however, the similarities inbetween them may be covered in the Michigan example.
Can you insure a car that the loan is in someone else’s name?
Insuring a Vehicle in someone else’s name. Yes you can. So long as you also list the possessor as an insured. See the related questions below. Other AnswersNo, the insurance needs to be in the same name as the person on the loan.
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.
Can the name on the insurance policy differ from the name on the car loan?
Anyone driving and all owners of the vehicle should be a namedscheduled driver on the Auto Insurance Policy to have propercoverage under your states financial responsibility laws. The terms of your Finance Note if the vehicle is financed will alsorequire that the purchaser be listed as an insured in order to bein compliance with the Finance Note.
If you are in a car accident and the car is totaled does your car loan get paid off through insurance?
Not unless you have the fresh option in insurance of the fresh car replacement. If your car is totaled, you will be paid the Blue Book price for your vehicle. This sum is the amount your vehicle is worth at this time. Any amount over this sum that is still owed to a car loan is still due.
Can you legally loan your car to a friend if it’s insured to you?
You can legally loan your car to a friend, if you own it, but be ready to pay for any damages done to or by your friend, because your insurance won’t and they might cancel your policy. You must inform your insurance carrier if other persons will be driving your car.
Can you have a car loan in your name and someone else carry the insurance on the car?
Your name must be on the insurance policy, otherwise you are not a covered driver under that insurance policy. Failure to disclose a known driver can void any coverages afforded by the policy and is a well known form of insurance fraud.
Coverage on auto insurance when you have a car loan?
Yes, you should get auto insurance coverage when you have a car loan, and even when you don’t have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..
Can you get auto insurance under your dad if hes not on the car loan?
Yes. The leinholder (the person who has to pay the loan) and the lender (the person who receives the loan payments) is not related to the person insured to drive the vehicle.
Is liability insurance enough for cars that are purchased by getting a loan?
That all depends on which bank gives you the loan. Most banks require that you carry comprehensive and collision coverage and don’t even care if you have liability. Others want both. Very infrequently you will get a bank that wont’ mind if you don’t have comprehensive and collision.
How can you find out someone’s policy number on their car insurance?
The policy number should be on the insurance card as well as anybills. If these have been lost, then a call to an agent of thecompany can get the number for you.
Your brother is loaning you his car if you insure the car can he be held liable for an accident you get into?
ReactionVery first, your brother’s car should be insured anyway. However, if you have your own insurance policy and this fact is stated in the policy, you are liable. Furthermore, if you by chance, reside with your brother, you should be included in his policy. If your brother’s coverage is liability only, but your’s is higher, the higher coverage may apply, however, Two policies on one vehicle may be applied in case there are excessive damages and/or individual injuries. In any case, all damages need to be pleased based on the policy (s) thresholds, and that’s if the other driver’s insurance co. requests policy thresholds verification.
If a car is titled in someone’s name can that car be put on there parents insurance?
As far as I know, at least where I live, it makes no difference who’s name is on the title. If you are authorized to drive the vehicle, it can be insured on anyone’s policy. The only thing that is required is that the vehicle has insurance, period. I know that in my individual life, I am driving a truck that is in my brother’s name, and I am making payments to my mother for it because she accquired the truck from my brother via an even trade for a different truck. I carry insurance on the truck in my name and on my own policy. I don’t plan on switching the title over until I have it paid off.
Gap insurance is from the auto loan or your insurance on the car?
GAP (assured asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease. It’s purpose is plain: If your car is totaled, gap insurance will cover the difference inbetween what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.
What do lenders do on a car loan with no car insurance?
The very first thing that they will do is to put coerced place coverage on the vehicle. This is a very expensive type of insurance that only protects the banks interest and only pays the bank. The premiums are added to your account and you are responsible for paying for the insurance. This insurance only provides physical harm coverage and will not pay for harm to your property or anyone Else’s. It does not provide liability and does not meet the state requirement to permit it to be driven on the street. The 2nd thing they will do is to repossess the vehicle because you have violated the contract that you signed with the lender to keep the required coverage on the vehicle. Oh yes, and the cost of impounding and storing the vehicle after it has been repossessed will also be charged to your account.
What if your car is taken without permission and a police car hit your car and causes harm to the police car and your car is your insurance liable.?
It depends on who is at fault. If the police car had his lights on, or otherwise was in the right, then the registered possessor of the car at fault, will most likely be liable, no matter who is driving, and, your insurance may not have to cover it. If the driver has decent insurance, they may cover it, however. And, if they had keys to your car, then they had permission. In my practices anyway, that is the way the law views it. ReactionIf a car is taken without your permission it is stolen, no matter who is driving it or whether it is reported stolen. You should not be liable for any harm to the police car. How your insurance company deal with your claim is inbetween you and them, there is no general rule. In the UK there is a process for recovering uninsured loss.
When can a bank reposses someone’s car?
When the “possessor” stops paying for it, the bank will most likely call repeatedly and may send something in the mail.
Does homeowner insurance cover vandalism to your car and money taken?
Homeowners will not cover anything that happens to your vehicle, it’s excluded. Money or private property not commonly used with an automobile (music cd’s, gps, radar etc.) would be covered if “off premises theft” is included on your Homeowners policy subject to policy limitations and deductible.
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
What do you do when you get pulled over for no car insurance and car gets impounded?
Very first, there was some other reason you were pulled over, they had no way of knowing you didn’t have insurance. Depending on the laws in your state, you may lose your license, you will most likely get a ticket for it. You may have to get insurance before they will release your car. Pay the towing and impound fees. You could lightly end up paying $500 to get your car back and unless you have a lot of tickets, that would have paid for more than a years insurance. It’s almost always better and cheaper to play by their rules. Been there, done that.
Do you need car insurance on a car that’s not being driven but has a loan?
Ordinarily, the lender will require, as part of the terms of the loan, that the vehicle be kept insured for physical harm, so as to protect the value of the collateral. Harm can be done even if the car is not driven, such as by fire, storm harm, or similar occurrences which could be covered by comprehensive coverage. The loan documents will generally provide that in the event insurance is not maintained, the lender can secure physical harm coverage on the vehicle to protect its own interest. The cost of that “single interest” coverage is usually disproportionately high and will be added to the loan balance.
What If you run over someone’s bike which was parked behind my car?
If you mean bicycles, then I would say, that they shouldn’t be parked inbetween cars at all. If you run over someone’s bike, then park the bike somewhere else, write a note, leave a call back number and stick it on the bike
What is the best car insurance India company Is there a loan company that do not require insurance on the car?
The best motor plan coverage India for you will depend entirelyupon your specific requirements related to insurance cover, premiumand a lot more. You need to get into a serious comparison for bestauto comparison for insurance online. No. There is no loan company in India that will not ask you forinsurance on the car.
What are the best loans to get for car insurance?
This depends on what is best for your financial situation. If you have more money at the time of purchase, you can make a fatter down payment and get a loan with lower payments. However, if needed, you can get a larger loan and pay more per payment.
Does homeowners insurance cover theft of your car if it was taken out of your driveway?
No. Homeowners specifically excludes self-propelled vehicles with a duo of exceptions such as lawnmowers. The only way a vehicle would be covered in this case is if you have comprehensive coverage on an automobile policy. As a matter of total disclosure, I own and operate a petite Independent Insurance Agency for the past 22 years and worked as an agent for direct writers for Three years prior to that.
Do car insurance companies check for unpaid car loans?
Absolutely. They also check to see that the vehicle is titled in the name of the person who purchased the insurance
Can you eliminate auto insurance from a car if you have an outstanding loan on it?
Usually no because the leinholders when to make sure their car will get paid for if their is an accident.
Can a co signer take over ownership of car loan and get insurance?
A co signer is for the loan, they do not have any ownership in the car unless they are on the front of the title. If they just co signed for the loan, that lmeans they will pay for it if the possessor does not. Even if they paid the entire loan, they still would not own the car. To transfer the car, they would have to either pay the loan off or get a loan in their name and you sell the car to them.
Is it possible to be taken to jail over a car loan because you didn’t finish your payments and you left the car behind and you don’t know where the car is?
Fact: Actually, it is possible. While paying on the vehicle, it is not technically your property. In some states, it is possible for a creditor to file for a replevin. This is an order by the courts for you to turn over the vehicle. Failing to, despite your reason, you can be jailed for contempt of court.
Is slobbering on someone’s car illegal?
In Iran you’d be executed. In Antartica you’d be stupid. In reality, who gives a f*ck
What deeds can be be taken in order to get cheaper car insurance quotes?
The best act one can take to get cheaper car insurance quotes is to use a price comparison website that will compare the different companies to find the lowest rates. Money Supermarket, Confused and Go Compare are all sites where one can find the cheapest car insurance quotes.
What happens if you get pulled over with someone’s else plattes on your car?
This is generally seen as a pretty major infraction. They will see this as stolen license plates that you were using to defraud the jurisdiction from the taxes that you owe just like everyone else. The penalties will be far more severe that the price to buy your tag and place it on the correct vehicle.