ok my brother is about to loose his car. so i was going to take over payments from him and take his car. well the title is still in his name, would there be anyway for me to get insurance on it with the title still in his name. he still owes money on it and i will just be taking over payments and driving it.
2006-08-28 18:05:06 · 8 answers · asked by birdie_21_04 1 in Cars & Transportation ➔ Insurance & Registration
I'm in the state of oklahoma if that helps anyone.
2006-08-28 18:18:51 · update #1
also he won't be driving it anymore. It will be just me.
2006-08-28 18:27:44 · update #2
most companies will do this if you are using the car. this is your vested interest in the vehicle. they will most likely list the registered owner on the policy (either as a driver or an exclusion). the bank may require that he is a driver on the policy- that is up to their provisions.
be careful- he still owns the car even if you are making the payments and paying for insurance.
Hope this helps :D
2006-08-29 07:19:21 · answer #1 · answered by bellytail 5 · 0⤊ 0⤋
No, you cannot do this. The owner and the insured need to be the same person. Your brother can sell you the car for $1.00 by signing the title over to you because you are related. Then you must get new license plates, register the car in your name and insure it in your name.
However, if there are liens against the car from a lender, unpaid traffic tickets, unpaid personal property taxes etc., as the new owner, you have to pay those costs, too. In fact, in some states, if taxes are owned on a vehicle, you can't register it with the DMV until you pay those back taxes to the town where the car was registered.
You are putting yourself in jeopardy by getting involved especially if your brother would continue to use the car now owned by you. You would be responsible for any tickets, accidents, or damage done while he used the car This could be an expensive deal for you especially since the car is about to be repossessed. This could damage your credit.
Help your brother figure out another way to solve his problem.
2006-08-29 01:21:15 · answer #2 · answered by ne11 5 · 0⤊ 0⤋
Yeah, you can insure it. I've done this several times.
But you can't get the title in your name until the loan is paid off unless you take out a new loan. Auto loans are NOT assumable.
Keep in mind that if he want's to be a jerk at some time in the future, he can take the car back at any time and there's nothing that you will be able to do about it!
2006-08-29 11:13:08 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
depends what state. im pretty sure most states you have to insure the car under the person who is driving it which is you. if he owes lots of money on his insurence, it might be hard get the title on his name for you though. not to sure, look into it or call the city hall.
2006-08-29 01:12:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the title is not in his name its in the banks name that he is making payments to. if you do make payments make sure you bro dont stiff you when its all paid for get it in writing, and the insurance is fine its just he needs to cancel his insurance on the car before you get insured because two insurances is illegal.
2006-08-29 01:11:55 · answer #5 · answered by le deusche 2 · 0⤊ 0⤋
yeah, i'm actually doing that right now. you just let the insurance people know that you are the main driver on the vehicle, and they will switch the insurance holder over to you. your premium will probably change then based on your age and all the deductions they can take off for you and stuff like that.
2006-08-29 01:22:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Instead of giving you an answer I'm just going to give you advice ... DON'T DO IT!!!!!
Not to be hard but it's your brother's mess and it is about to become yours. Let it go..it's just a stupid car and your brother was stupid when he bought it. What say we stop the stupid here and now? Now, before you two end up hating each other.
2006-08-29 16:45:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no, you need insurable interest. go take over the loan and get your bro's name off the title/loan
2006-08-29 11:07:38 · answer #8 · answered by Anonymous · 0⤊ 0⤋