I'm currently financing a truck, however I have been trying to sell it as I'm in need of something different. A close friend of mine has agreed to take over my payments for me, but I have a question about insurance. Because of some past credit problems my friend is unable to get a loan for himself, so this works out well for him as I said it would be fine if he just took over my payments. It's not a big deal if the registration is still in my name as I trust him. Our question however is how to deal with insurance. I obviously won't want to have it insured for me anymore since I won't be driving. What I'm not sure of is whether he will be able to get insurance put on it since the registration is in my name. Will I have to add him as a driver on my insurance and have him pay me directly, or will insurance companies allow him to insure the vehicle even though it's not in his name?
2006-12-03
01:30:37
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7 answers
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asked by
Sean M
1
in
Insurance & Registration