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What effect does co-signing on an auto loan can affect insurance Financing a Car With Co-Signers In this Series Financing a car with Co-Signers







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3 min read Published September 21, 2022
Writer: Kellye Guinan. Written by Personal and business finance contributor

Kellye Guinan is a freelance editor and writer who has more than 5 years experience working in the field of personal financial matters. She is also a full-time worker at her local library, where she assists her community access information about financial literacy, among other subjects.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces.









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If a family member or friend requires assistance in securing a loan to purchase a vehicle or other vehicle, you could be required to sign the loan. And while you will be accountable for the loan however, a co-signing it will not impact the auto insurance policy you have or the premiums you pay. There may be some changes in your insurance that you need to keep in mind before signing co-signer. Co-signing an auto loan likely won't affect your insurance Helping someone purchase a car by is not an obligation to take lightly. However, it's unlikely that signing the loan will affect your insurance coverage for autos or the premiums you pay for insurance. If you aren't planning to drive the car you co-sign for, there should be no changes to your . "Co-signing a vehicle loan is not likely to affect your own insurance premium except, of course you decide to add the co-signed car to your own insurance and in that case, your premium will go up to reflect the additional car," says Douglas Heller director of insurance for the Consumer Federation of America and a nationally recognized insurance expert. So while there may some consequences for the co-signer if who you are co-signing on behalf does not pay the loan, your insurance should generally remain unaffected. Exceptions to the rule There are a few specific rules that do not apply to you. If you are living alongside the primary borrower on the loan and you are already covered by the same insurance, your policy will be impacted. As Heller states the policy's premium will go up to reflect the additional vehicle. However, driving the car often could mean that you have to add it to your insurance, which will increase the cost. Co-signers usually aren't held responsible for accidents If the vehicle is in an accident or collision, you are generally not liable as a co-signer. "Co-signing for an auto loan doesn't make you liable for the primary borrower's bad driving, or DUI, or driving without insurance," says Steve Sexton, a financial advisor and CEO of Sexton Advisory Group. However, the limits of liability change when your name appears on the vehicle's title as co-owner . This would be the case in the event that you were a co-applicant of the loan, not just co-signer. In this scenario, you may be liable for the damages caused by an accident, if you are the owner of the car you co-own is found to be the party accountable or caused the collision. If the accident results in a lawsuit, you may also be potentially liable. However, even if the co-owner doesn't get blamed for the accident the premiums could rise. A co-signer is different from. becoming a co-owner co-signer only has responsibility for the loan. The lender will notify you in the event that there is a problem with late payments or the primary borrower defaults. Because a co-signer acts as a guarantor of the primary borrower, you have to be able to pay for the loan in the event that the primary borrower is not able to. But that has no impact on the insurance you have. It is only co-owner of the car in the event that your name is mentioned on the title. Co-owners have an equal stake in the vehicle and are equally accountable for keeping loan payments current in the event that they take out a loan can be used in the acquisition of the car. That means a co-owner will be required to include the car on their insurance coverage, regardless of whether it is frequently driven or not. This will result in an increase in your insurance cost. If you are a co-signer, then you will not have any legal rights of ownership or stake in the vehicle and your name won't be listed on the vehicle's title. However, not every lender allows co-signing. Certain lenders may only permit a joint application, which could put you both in the risk of the loan and the car. This means that the insurance company you use to be notified because you'll be on the title of the vehicleand your insurance will be affected. The bottom line is that co-signing an auto loan for a friend or loved one could be an enormous benefit for the primary buyer. Although there are some risks to your credit when you co-sign for co-signer, your vehicle insurance should stay the same. But before taking this step, call your insurance company to see if your insurance policy is affected.


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Written by Personal and business finance Contributor

Kellye Guinan is a freelance editor and writer with more than 5 years experience working in the field of personal finances. She is also a full-time worker at her local library, where she assists her community access information about financial literacy, among other topics.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to manage their finances by providing clear, well-researched data that breaks otherwise complicated topics into bite-sized pieces.






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