Question about auto insurance?

OK, me and my fiancee have gotten a joint loan from our bank for a vehicle. Now I have my own insurance, but he is currently on is parents but need to get his own. What I'm wondering is can I put the new vehicle under my insurance or will he have to be added. I thought that in order to drive you have to have insurance but would it work if I just had the vehicle insured and if he was in a accident while driving it, it would be covered right? I really need help, I know absolutely nothing about this kind of stuff. Thanks for your help

Question about auto insurance?

This cannot be answered correctly without your policy wording to verify who is covered and when. Typically most %26quot;good%26quot; policies will cover a permissive user who is not listed on the policy. However, those same policies may have exclusions that void coverage if the vehicle is %26quot;furnished for regular use.%26quot;

So basically it is intended to cover a 1 time use incident, or a friend who borrows your car once in a great while. But not someone who has 24 hour access to the car and does not need permission to take it. That individual would need to be named on the policy to be properly rated and the correct price for insurance to be set.

Many people try to get away with this, however since you are co-owners of the vehicle, your insurance will ask about him when they see a copy of the registration. The dangerous side would be if you lied about him using the vehicle and he has an accident. If the insurance company investigates and finds out you lied, they can deny your policy, and your claim, then turn you over to the local district attorney for prosecution for insurance fraud. Not a safe play in my book.

Hope this helps.

Question about auto insurance?

Well, assuming because the loan is a JOINT loan, that the title is in BOTH your names, you can add the vehicle to your policy. You ALSO have to add him as a driver, AND you should add him as an additional insured - owner of the vehicle.

If you don't list him as a driver, and he's a regular driver, depending on your state and the policy, he MIGHT not be covered, especially if he's a regular operator. Worse, if he's sued as OWNER of the vehicle, and he's not listed, they have NO duty to defend him as he's not related to the policy holder, and not listed as additional insured.

Now, a word of caution, if you haven't bought the car yet - DON'T!! NEVER EVER have a joint loan with someone you're not married to! If he walks out on you, and takes the car, YOU STILL HAVE TO PAY!!!! You have NO RECOURSE. Worst of all, would be if you COSIGNED the loan for him - because then you DON'T have a joint loan, it's HIS loan, and HIS car, you just have to pay if he doesn't. AND you have no ownership interest in the car.

It's a stupid financial decision for a woman to borrow money for, or guarantee a loan for someone that HASN'T married you yet. Wait until you two are hitched.