when you co sign for someone who has insurance are you responsible for any liability as the result of a accident
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UPDATED: Sep 5, 2016
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Insurance Question from Baederwood, PA
Asked on 09/05/2016
when you co sign for someone who has insurance are you responsible for any liability as the result of a accident NULL
Answer given on September 09, 2016
If you co sign for a loan on an auto you are usually also on the title of the car. If there is an auto accident, you and the other owner would be liable if it was the fault of your co signee.When insurance is purchased, be sure to include your name on the insurance policy so that you are protected in the event of an accident. Also, make sure that you have more than minimum liability on the car, especially if you have assets to protect.Sometimes the lender won’t require you to be on the title of the car even if you co sign. This can help protect you, but if there is a major accident, attorneys for the other driver may investigate and find that you helped finance the car and may try to sue you. In some states this is not allowed. Check with your insurance agent as well as your financial advisor to be sure you are protected.
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