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What effect does co-signing on an auto loan affects insurance Part Of Financing a Car with Co-Signers in this series Financing a Car with Co-Signers







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3 min read 21st September 2022
Authored by Kellye Guinan. Written by Personal and business finance contributor

Kellye Guinan is a freelance editor and writer with over five years ' experience within personal finance. She's also a full-time employee at her local library, where she assists her community access information about financial literacy, in addition to other subjects.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing concise, well-researched, and clear information that breaks down otherwise complex subjects into digestible pieces.









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When someone in your family or a friend needs help securing the loan to purchase a car or other vehicle, you could be asked to sign the loan. And while you will be accountable for the loan, agreeing to co-sign and not be a factor in your own auto insurance policy or the premiums you pay. There may be some adjustments in your insurance that you need to take note of before signing a co-signer. Co-signing a car loan likely won't affect the insurance coverage of someone who is buying an automobile isn't a commitment to be taken lightly. However, it's unlikely that signing for a loan could affect your auto insurance policy or the rate you pay for insurance. If you do not plan to drive the vehicle you co-sign for it shouldn't be any changes to your . "Co-signing the car loan will not affect your own insurance premium in the event that, for instance you decide to add the vehicle you co-signed to your own insurance, in which case your premium will go up to reflect the added car," says Douglas Heller director of insurance for the Consumer Federation of America and a nationally recognized insurance expert. While there could be consequences if the person who you are co-signing on behalf does not pay the loan the insurance will generally be unaffected. Exceptions to the rule There are some exemptions from this policy. If you live with the primary borrower of the loan and are already on the same insurance, your policy will be affected. As Heller states the policy's premium will go up to reflect the new vehicle. However, driving the car frequently could require you to include it in your insurance policy, which will increase your premium. Co-signers usually aren't held responsible for any accidents if the vehicle is in a collision or an accident, you are generally not held accountable as a cosigner. "Co-signing for an auto loan does not make you responsible for the primary borrower's reckless driving, drunken driving or driving without auto insurance" states Steve Sexton, a financial advisor and CEO of Sexton Advisory Group. However, the limits of responsibility change when your name appears on the title of the car as a co-owner, which could be the case if you were a full co-applicant on the loan and not just as a co-signer. In this scenario, you may be liable for the damages caused by an accident if the driver of the vehicle you share ownership with is determined to be the party accountable or was the cause of the accident. If the accident results in an action, you could be liable. But even if your co-owner isn't found at fault for the accident, your premiums may still rise. Co-signing vs. becoming a co-owner A co-signer only has responsibility on behalf of the loan. The lender will notify you in the event that there are late payments or if the primary borrower is in default. Co-signers act as a guarantor for the principal borrower, you are required to pay the loan even if the primary borrower is unable to. But that has no impact on your insurance. You are only a co-owner of the car if your name is listed on the title. Owners of co-owned vehicles share an equal stake in the vehicle , and are responsible for keeping the loan payments on time if a loan can be used in the acquisition of the car. This means that a co-owner will be required to include the vehicle on their insurance coverage, regardless of regardless of whether the vehicle is used frequently or not. In the end, this means an increase to your policy premium. Co-signers don't have legal rights of ownership and stakes in the car, and your name won't appear on the vehicle's title. But not all lender offers a co-signing option. Some lenders will only accept co-signing on a joint application, which could put you both in the risk of the loan and the vehicle itself. This means that your insurance company needs to be notified -- as you'll be listed on the vehicle's title -and your insurance will be affected. The bottom line Co-signing an auto loan for a friend or loved one can be a significant help for the principal buyer. Although there are some risks to your credit when you co-sign for co-signer, your auto insurance will remain 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 over five years of experience in personal financial matters. She also works full-time as a worker at her local library, where she assists the community gain access to information on financial literacy, as well as other topics.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to manage their finances through providing concise, well-studied data that breaks otherwise complex topics into manageable bites.






Auto loans editor




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