Comments on: car insurance on second how is it covered.? http://autocarloansnow.com/car-insurance-on-second-how-is-it-covered.html Thu, 02 Feb 2012 00:01:28 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Personal Finance Expert http://autocarloansnow.com/car-insurance-on-second-how-is-it-covered.html/comment-page-1#comment-3232 Personal Finance Expert Thu, 11 Feb 2010 06:42:13 +0000 http://autocarloansnow.com/car-insurance-on-second-how-is-it-covered.html#comment-3232 Hi. Very informative site you have here. I appreciate the good ideas you've posted. I also have a personal finance blog, where I post about <a href="http://finance.necessaryvirtues.com/category/effective-habits/money-spirituality" rel="nofollow">money and spirituality</a>, and I also cover <a href="http://finance.necessaryvirtues.com/debt-resources/health-insurance" rel="nofollow">how to get affordable health insurance</a>, among other financial topics. I'm delighted to find a fellow blogger and webmaster who has similar interests. Hi. Very informative site you have here. I appreciate the good ideas you’ve posted. I also have a personal finance blog, where I post about money and spirituality, and I also cover how to get affordable health insurance, among other financial topics. I’m delighted to find a fellow blogger and webmaster who has similar interests.

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]]> By: Grampy http://autocarloansnow.com/car-insurance-on-second-how-is-it-covered.html/comment-page-1#comment-3099 Grampy Mon, 08 Feb 2010 14:25:04 +0000 http://autocarloansnow.com/car-insurance-on-second-how-is-it-covered.html#comment-3099 You have asked several different questions. First, generally, if you have no interest in an automobile, you can't insure it--you have no insurable interest, that is, you would not suffer any loss if the car is damaged in an accident. Second, even if you had an insurable interest in the vehicle, if it is housed someplace else, under the care custody and control of another person, you probably should have the car insured by the other person. Third, the fact that your brother has his license and registration listed with the authorities at an address where the vehicle is not housed nor the driver is residing, may be in violation of state law. Last, the fact that you insured the vehicle and the driver, knowing that they are not present at your residence, may constitute insurance fraud, which may invalidate your policy, or worse. I would seek some assistance from an insurance professional or an attorney to make sure you do the right thing in accordance with your state laws and the provisions of your insurance policy. Good luck, Grampy You have asked several different questions. First, generally, if you have no interest in an automobile, you can’t insure it–you have no insurable interest, that is, you would not suffer any loss if the car is damaged in an accident.

Second, even if you had an insurable interest in the vehicle, if it is housed someplace else, under the care custody and control of another person, you probably should have the car insured by the other person.

Third, the fact that your brother has his license and registration listed with the authorities at an address where the vehicle is not housed nor the driver is residing, may be in violation of state law.

Last, the fact that you insured the vehicle and the driver, knowing that they are not present at your residence, may constitute insurance fraud, which may invalidate your policy, or worse.

I would seek some assistance from an insurance professional or an attorney to make sure you do the right thing in accordance with your state laws and the provisions of your insurance policy.

Good luck,

Grampy

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]]> By: mbrcatz17 http://autocarloansnow.com/car-insurance-on-second-how-is-it-covered.html/comment-page-1#comment-3098 mbrcatz17 Mon, 08 Feb 2010 14:25:03 +0000 http://autocarloansnow.com/car-insurance-on-second-how-is-it-covered.html#comment-3098 Who owns the car? Normally, the policy requires that the policy owner has "insurable interest", ie, they have to own the car. Did you tell the insurance company that the second car was driven by your brother, and give them his date of birth and license number? Did you give them the "garaging address" for the car? You will have to call your agent to update the information to be sure he is covered. Yes, if he gets in an accident, YOUR POLICY will pay, which will mean you can be surcharged for it. If the car is owned by you, you can ALSO be personally sued, if, for example, you have "minimum limits" and he does more damage than you have insurance. Your policy will write a check for your minimum limits, and your wages can be attached for the rest. If you "insure" his car without adding him as a driver, in some states, the insurance company can flat out deny the claim - and the person he hits can come after you. In some states you can be prosecuted for fraud. In most states, you are required to list all "regular operators" of the vehicles listed on the policy. In many states, the insurance company doesn't have to pay a single dime, if the policy is in your name, and you don't own the car. Specific answers will depend on which state you live in, who owns the car, and what your specific policy says. Companies like Progressive are extremely strict on coverage - if the driver isn't listed, they aren't covered - and neither is the car. You should really talk to your agent about this - but if it were me, I'd NEVER do this - not even for my brother. Just the fact that it's cheaper on your policy should tell you, he's much more likely to put in a claim, which will follow YOU for years, and raise YOUR rates. Who owns the car? Normally, the policy requires that the policy owner has "insurable interest", ie, they have to own the car.

Did you tell the insurance company that the second car was driven by your brother, and give them his date of birth and license number? Did you give them the "garaging address" for the car? You will have to call your agent to update the information to be sure he is covered.

Yes, if he gets in an accident, YOUR POLICY will pay, which will mean you can be surcharged for it. If the car is owned by you, you can ALSO be personally sued, if, for example, you have "minimum limits" and he does more damage than you have insurance. Your policy will write a check for your minimum limits, and your wages can be attached for the rest.

If you "insure" his car without adding him as a driver, in some states, the insurance company can flat out deny the claim – and the person he hits can come after you. In some states you can be prosecuted for fraud. In most states, you are required to list all "regular operators" of the vehicles listed on the policy. In many states, the insurance company doesn’t have to pay a single dime, if the policy is in your name, and you don’t own the car.

Specific answers will depend on which state you live in, who owns the car, and what your specific policy says. Companies like Progressive are extremely strict on coverage – if the driver isn’t listed, they aren’t covered – and neither is the car. You should really talk to your agent about this – but if it were me, I’d NEVER do this – not even for my brother. Just the fact that it’s cheaper on your policy should tell you, he’s much more likely to put in a claim, which will follow YOU for years, and raise YOUR rates.

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