What risk are there for insuring his car? Could I be sued?
2006-10-16 12:22:32 · 7 answers · asked by sigmagammarho 2 in Business & Finance ➔ Insurance
Technically, you can not insure another person's vehicle on your policy. You must have an "insurable interest" in the vehicle. Which means that you must be an owner of the vehicle to have it on your policy.
But, if you lie to your agent and tell him you are the owner of the vehicle and your boy friend will just be driving your car, you could lose a good driver discount if he has an accident or ticket.
Check this link for more info:
http://file5.com/search5/auto-insurance-"insurable-interest"-louisiana
.
2006-10-16 14:06:13 · answer #1 · answered by Answer Man 5 · 0⤊ 1⤋
A few corrections to previous answers. You can get liability insurance for this vehicle, even if you don't own it. Your insurable interest in this case is the fact that you would be driving the vehicle and thus be liable for any damage caused as a result of any accident you caused. However, if you are living in the same household and you insure the vehicle in your name only and he is in an accident with it there may be no coverage, depending upon how thorough of an investigation the insurance company does.
2006-10-18 20:33:54 · answer #2 · answered by bbumple 2 · 0⤊ 0⤋
Chris is correct. You have to have insurable interest.
If you went ahead and obtained insurance by not telling the truth coverage could be denied if claim filed.
2006-10-16 20:53:13 · answer #3 · answered by mamatohaley+1 4 · 1⤊ 0⤋
I live in Michigan. My mom always told me to never insure anyone elses auto including my own children even.
When you put that vehicle in your name you can probably be held liable for anything the other driver does behind that wheel.
Everything goes back to the Title holder. Be careful
Sure he isn't looking to get married to save on insurance?
that is one tall order. I would not do it.
2006-10-17 17:21:36 · answer #4 · answered by Big V 2 · 0⤊ 1⤋
Since you can not insure his car . You better ask your self - Why does he want you to do this?
Never co mingle assests before the ring and ink are dry. Bad business.
you might look at DaveRamsey.com for pre marriage (money) counseling befor the wedding.
Better saved than sorry.
2006-10-16 21:40:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Absolutely!! Plus, if YOU are insuring his car, it will need to have ownership transferred to you, as well.
Also, if he's driving it, he will STILL need to be listed as an operator.
I'm not sure what he's hoping to gain by this, but you have NOTHING to gain, and everything to lose by it . . . I would wait until you guys are married before hitching my horse to his wagon!
2006-10-16 22:07:01 · answer #6 · answered by Anonymous 7 · 0⤊ 0⤋
You can't insure a vehicle you do not own. You have no insurable interest.
2006-10-16 20:51:22 · answer #7 · answered by Chris 5 · 1⤊ 0⤋