I had planned on buying my sister a car. I would get the loan in my name, but she would make the payments. I don't want to put her on my insurance, b/c she would make it go up. Can my parents just insure this car through their insurance and just add me?
2007-07-02 09:53:45 · 5 answers · asked by queenofkings2525 3 in Cars & Transportation ➔ Insurance & Registration
1- call your insurance agent... depends on the laws in the state you will be driving /living in.
Liability insurance is usually on the DRIVER... but Comp/Collision etc is on the car- if you do not have a loan on the car, you can skip the comprehensive and collision coverage- i.e.- self insure- you wreck it, you fix it. works good if the car is not very expensive.
2- got a loan on it? new ball game- you MUST have comp/collision and liability to get the loan. shop around, but start with the insurance that you have.
2007-07-02 09:59:20 · answer #1 · answered by Fatboy 2 · 0⤊ 0⤋
Only the person with FINANCIAL INTEREST in the car can get insurance for that car. So you must get the insurance under your name. The loan is in your name so your you're legally responsible, just because she's paying for it doesn't mean she has financial interest legally. The bank owns the car not you, until you(your sis) pay off the loan.
Your sister can drive it, if she's insured with your parent's existing insurance and not living in the same household as you...when she has an accident or anything happens...you can say you just let her borrow your car......how would the insurance company know. I drove my bf BMW daily and once I got into an accident and that's how we reported the claim.
2007-07-02 13:37:15 · answer #2 · answered by n10zguy 3 · 0⤊ 0⤋
Only your insurance agent can give you all the proper answers.
Typically if you get the loan in your name, the insurance has to be in your name as well (or at least you must be represented on the insurance)
If your sister lives with you or is in the same household, her name will typically either be required to be on the insurance, or her name will be specifically excluded from the insurance policy. Meaning if she's driving the car, you got to pay for her to drive, otherwise she doesn't get to drive the car and if she does and get's involved in an accident, she won't be covered.
However, again only your insurance agent can tell you the specifics of what you need.
2007-07-02 10:00:26 · answer #3 · answered by hsueh010 7 · 0⤊ 0⤋
Honestly it doesn't really matter whether they CAN take away your keys or not. If they ha vent already they will if they feel its necessary. I went through the same thing with my parents. I bought the car and i pay for it and insurance and maintenance etc but even when i was 18 and 19 they still try threatening me with taking the car away. its kind of ridiculous i know but they are your parents so i guess they can do what they think is best no matter if you agree with them or not.
2016-05-21 04:28:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Have their name on the title as co owners then the responsible thing to do is to put it under their name. You get better rates
2007-07-02 10:01:35 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋