I co signed with my granson on a loan to buy a car. the insurance was put in my name, can it be changed to his
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UPDATED: Mar 29, 2011
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Insurance Question from Lockwood, NY
Asked on 03/29/2011
I co signed with my granson on a loan to buy a car. the insurance was put in my name, can it be changed to his NULL
Answer given on March 30, 2011
If you co-signed on the loan, then your grandson should also be on the title. If he is, then the policy can be in his name. If his name is not on the title, then the insurance must be in your name. I would suggest you speak with the loan company to be sure he is on title too, so you can resolve the insurance issue. The loan papers and car title can be different if worked out with the loan company.
It is better that the insurance be in your grandson’s name, since it will be his liability in the event of a loss. You do not want to have your assets exposed in case there is a major acccident. In addition, you may not know who is driving the car, since he may be lending it to friends.
Check with the insurance agent to be sure they are aware of title so they can write the insurance correctly. You may need to be listed as an additional insured, but you should be able to avoid this since you are only
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