2007-07-13 09:39:34 · 16 answers · asked by kellercms123 1 in Cars & Transportation ➔ Insurance & Registration
Hate to say this but you can be on the line for everything you own & your future earnings. I only say this because I know of a case that a grandmother gave her grandson a gift of some money & he went out & bought a car. She was not on the title & not on the registration. He had insurance but only minimum limits & had a serious accident. Well, the other party got a great attorney & the grandmother got sued & lost & had to pay the judgement & got liens put against her house. The theory was if she had never given him the money to buy the car, he would not have been on the road & would never have caused the accident. It is the "deep pockets" theory. If she had absolutely no assets she may not have gotten sued. Since she had assets & the grandson didn't, she got sued & lost.
So, my suggestion is, MAKE SURE THE CAR IS INSURED FOR THE HIGHEST LIMITS OF LIABILITY AVAILABLE AND IF POSSIBLE, GET YOUR NAME OFF OF THE LOAN. You may still be sued after your name is off the loan for enabling the person to get the car but you are further removed from the liability.
2007-07-14 02:43:50 · answer #1 · answered by Sue 6 · 0⤊ 0⤋
Cars are insured and drivers who are insured to drive it are named on the policy. If you are the in a joint financial agreement that is between you and the financiers but as someone else has said an undertaking to insure is part of the deal.
If you are the Co-keeper you Will be responsible for naming the driver of a vehicle if an offence has been committed and you will also be liable to prosecution if you permit the car to be driven without insurance. If it is insured the insurance company will act in the name of the person on the policy, I can't remember the term for this but you must co-operate with them.
So the insured will have to pay only the excess on the policy depending on the terms say the first £200 as an example
2007-07-15 06:01:56 · answer #2 · answered by Scouse 7 · 0⤊ 0⤋
Oh, a lawyer will go after anything and everything you own. You better pay for the liability insurance if this worthless person that bought the car doesn't have insurance. Your house, car, savings, 401K, everything you own is at risk. Don't ever co-sign for anything. You are liable for the payments as well as an accident, yet you can't control the situation. The best thing you can do is go down to the bank or lender and see if enough payments have been made that it can be refinanced in that person's name alone. Pay any costs involved to do this or buy insurance. Otherwise, you could be living at the YMCA for being a nice guy.
2007-07-13 10:53:26 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I suggest that you visit this website where you can get quotes from the best companies: http://INSUREFOREVERYBODY.INFO/index.html?src=2YAkae7Pa4p
RE :I am a co-signer on a vehicle, not the driver nor a passenger, how much can I be sued for if no insurance?
Follow 15 answers
2016-09-08 13:49:02 · answer #4 · answered by ? 6 · 0⤊ 0⤋
Depends on whether you allowed the driver to drive without insurance! (You aren't sued - you are fined BTW - sueing is a civil resort not a criminal one). The offence (IN12) will be 6 - 8 points on the licence and a fine suitable for your circumstances. Owning a vehicle without insurance is not yet an offence.
The driver is guilty of driving a vehicle without insurance allowing him to do so (148 RTA). The passenger will probably not be prosecuted as the police would have to proove that they knew that there was no insurance on the vehicle.
2007-07-14 01:15:14 · answer #5 · answered by welcome news 6 · 0⤊ 0⤋
I would like to think that you will be responsible for the total amount of the loan. However, most loan companies have you sign an agreement that you will maintain comprehensive insurance on the car until it is paid off.
This is America and anyone can sue anyone for anything. So you may find yourself being sued for all kinds of damages that the owner may have caused.
It is not a good idea to co-sign for anything. It is better to give the money to the person and have him sign a note or an IOU stating that he owes you the money. That way you should be in the clear. good luck.
2007-07-13 09:46:51 · answer #6 · answered by Fordman 7 · 1⤊ 0⤋
If your name is on the title as a co-owner, yes you can be held liable. If you are just a co-signer on the loan but not on the title, you're OK.
If the car is in an accident with no insurance you can be held liable for all damages caused. If you can, don't allow the car to be driven unless it has insurance.
2007-07-13 09:43:32 · answer #7 · answered by Anonymous · 2⤊ 0⤋
The person on the registration can be sued in an accident. If you are only on the loan, you can only be sued if the car is wrecked and someone stops paying for it. One more thing, most loan companys can reposess a car if it is not insured even if you are up to date on the payments. Look at your contract.
2007-07-13 09:45:18 · answer #8 · answered by Bill D 3 · 1⤊ 0⤋
If its because of an accident then the driver is ultimately responsible for making sure they are covered. If the vehicle was being driven by an employee then both of you can be charged.
My mate was banned once and he had his vans insured for any driver except him which allowed his business to continue.
2007-07-14 06:16:11 · answer #9 · answered by Anonymous · 0⤊ 0⤋
The driver of the car is liable for the damages if not insured. The owner(ie the person who's name is on the reg document) would only be liable if they were grossly negligent. However the criminal charge of driving/permitting driving uninsured could be applied to both
2007-07-13 20:19:25 · answer #10 · answered by The original Peter G 7 · 1⤊ 0⤋