Insuring a Car That’s Not in Your Name: What You Need to Know

Insuring a Car From knowing what a deductible is to being an Arizona resident that wants to know more about glass coverage. One of the issues that are likely to be raised by insurance customers is whether one can get a car insurance for a car that does not belong to him or her. We won’t leave you waiting, the answer is: Usually, it does not less for one to buy car insurance on the vehicle of another person unless they have insurable interest.

The next and possibly more important question is: ‘what does that even mean? Now that we have seen an example let us briefly explain insurable interest then explore more on insurance your car that is not yours, and lastly, who should be on your policy and who should not. Ready?

Insurable interest meaning

In simple terms insurable interest can be described to be as a term that sounds like something out of a crossword puzzle but in actuality it is very easy to define. Insuring a Car An insurable interest refers to the position that makes one stand to lose some amount of money if a certain vehicle is damaged.

Evidence of insurable interest is commonly through having an automobile- such as a car title or ownership. However, it may occur that you have an insurable interest in a car that does not belong to you and require insurance in this car.

Whether one can get an insurance for a car not owned by him or her is a common question among individuals who share a car with other people – friends or relatives.

And yes and no, that’s what we don’t do at FINANCEED because according to the coverage model, anyone getting coverage must be a registered owner of any vehicle. However, if you delve into other insurance centers and based on your state, you are likely to come across a situation whereby you may be allowed to insure a car that belongs to someone else.

Depending on the state you live in, your insurance policy has to be consistent with the name of the title and registration of the car. This could not be far from the truth and in some of those states, the insurance companies that offer an insure package for someone driving the vehicle but not in the title and registration records would not issue out the insurance policy.

On the other hand there may be states that do not necessarily demand that the name on the policy and the owner of the vehicle must be the same. An insurance company in those states may let a person driving (but not owning) the car have a policy in his/her name but the car owner must be included either as a co-insured or a extra insured. Confusing?

Here’s a couple of examples:

If both of them purchase the car with your help or it to purchase it, the policy will be issued in the name of your teenager while you will be named either as the coRegistered owner of the car or an additional insured on the policy. In writing the policy this way it shows your insurable interest in the vehicle.

If you assisted a relative to buy a car and you have equal ownership of that car then the policy may be issued with your relative’s name and you may be listed as co-owner or included as an additional insured. However, if that relative is in your household what you could do is declare the vehicle in your policy and then namely register that relative as an owner or user of the car.

More largely, such circumstances may be managed on an ad hoc basis by insurance companies. In order to know how to manage your case, it will be better to ask your local insurance about it.

The best of both worlds: insurance and listed drivers Entering into this line of business requires the formulation of strategies that will enable the insurance to attract more customers and enlist more drivers onto its list. .

Before moving to the last type of drivers, namely listed drivers, let’s get down to the business.

In article on ”Stock Listing Decisions And The New Class Of Companies” published in The Journal Of Corporate Accounting And Finance Cox finds out whether a company should list its stock or not. Who to list when registering a car insurance policy is something we considered it wise to share this with our audience because getting an unknown driver especially in case of an accident or claim attracts grave consequences.

A listed driver is any member of the household who is not the owner of the car but is frequently using the car usually because he or she is a teenage driver or the car owner’s caregiver. If there is a person in your house hold using the vehicle is should be described in the insurance policy as a driver but not an owner or an additional insured.

Today, most of the insurance companies will expect every member of the household that is of driving age to be named on the policy. That is why it can be handy to take a look at it from time to time it will help to update the policy in case there are drivers that should be added or excluded from your policy.

You have a legitimate reason to insure your car. And here at FINANCEED, we want our Insuring a Car interest to be in you. At FINANCEED, we still believe that you don’t have to be confused about your policy and the good moments on the road. So if you are willing to know more about the insurance world or willing to start a quote, let’s get good going.