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Old 03-02-2010, 10:49 PM   #1
tmac1granger33
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insurance under my grandpas name???

my grandpa is cosigning for me on my camaro.. i was just wondering if it is possible for him just to insure it and I would be "borrowing" the car??? i know lots of my friends and people i know have done this with theyre gt mustangs diesel trucks etc... but since i am going to be on the note would he have to exclude me??? ive heard that the bank does not care as long as its fully insured..
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Old 03-02-2010, 10:57 PM   #2
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Do you know of any of them that wrecked them?

If so, how did the insurance companies cover?
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Old 03-02-2010, 11:10 PM   #3
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You need to be a listed driver on the policy. You don't want to get into a situation where you are in an accident and not listed on the policy.

The policy can be in just your grandpa's name, but you need to be a driver. IMO of course.
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Old 03-02-2010, 11:10 PM   #4
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You might be able to check and see if he can be listed as the primary driver and you the secondary driver?
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Old 03-02-2010, 11:12 PM   #5
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Do you know of any of them that wrecked them?

If so, how did the insurance companies cover?

well my uncle whos 23 financed his 2010 diesel truck in his name only... and the insurance under his dads name... he has had several claims and had no problem...
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Old 03-02-2010, 11:15 PM   #6
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You might be able to check and see if he can be listed as the primary driver and you the secondary driver?
'

hmmm... i thought it would be the same thing if you were to lend me your camaro for instance.. i wrecked it ... your insurance would cover it..
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Old 03-02-2010, 11:35 PM   #7
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Your grand father would be listed as the primary driver and you would be listed as an additional driver under his insurance policy.

Talk to your insurance company
I don't know how it works if he's just the co-signer.
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Old 03-03-2010, 06:52 AM   #8
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'

hmmm... i thought it would be the same thing if you were to lend me your camaro for instance.. i wrecked it ... your insurance would cover it..
hmmm......no

An insurance company will only cover an accident if one of the approved drivers was driving. If you was to borrow my car and get in a wreck, they would not cover it.

Your uncle is most likely listed as a secondary driver on the insurance.
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Old 03-03-2010, 07:01 AM   #9
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Treat everything in your life with honesty and integrity and you will be rewarded many times over. Nothing but bad can come from doing something you know is underhanded. Just ask yourself how you would feel if you were in an accident and your Grandpa was sued for everything he has and ahs worked for after helping you out! Easy answer, do the right thing and sleep well...
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Old 03-03-2010, 07:02 AM   #10
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I know in Florida some insurance companies ask us to list everone who lives at the same address, not as additional drivers but just that they live at the same address.
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Old 03-03-2010, 07:03 AM   #11
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Treat everything in your life with honesty and integrity and you will be rewarded many times over. Nothing but bad can come from doing something you know is underhanded. Just ask yourself how you would feel if you were in an accident and your Grandpa was sued for everything he has and ahs worked for after helping you out! Easy answer, do the right thing and sleep well...
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Old 03-03-2010, 10:56 AM   #12
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When I went through the tenage years with my 3 children I asked a good friend who was an agent and this is what he said, "If they don't ask, don't tell them you have teens driving!" Here is his reason, as long as you have full coverage on the vehicle, you can "let" any one drive it and the insurance has to cover the vehicle if it is involved in an accident no matter who is driving. I was lucky enough to make it through those years without a claim but when my son was 20, I insured his vehicle in my name and he hit a deer. Had NO PROBLEM with the insurance company even though he was not listed as a driver. They covered everything. $3700 damage. Then 4 weeks later, roads were iced over, my son totaled the truck, again insurance company covered the vehicle and never asked me to put him down as a driver.
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Old 03-03-2010, 11:54 AM   #13
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Quote:
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When I went through the tenage years with my 3 children I asked a good friend who was an agent and this is what he said, "If they don't ask, don't tell them you have teens driving!" Here is his reason, as long as you have full coverage on the vehicle, you can "let" any one drive it and the insurance has to cover the vehicle if it is involved in an accident no matter who is driving. I was lucky enough to make it through those years without a claim but when my son was 20, I insured his vehicle in my name and he hit a deer. Had NO PROBLEM with the insurance company even though he was not listed as a driver. They covered everything. $3700 damage. Then 4 weeks later, roads were iced over, my son totaled the truck, again insurance company covered the vehicle and never asked me to put him down as a driver.

worked for him ^^^ my grandpa would carry full coverage.. and "let" me drive the car... idk if i should try and do this..
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Old 03-03-2010, 01:03 PM   #14
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hmmm......no

An insurance company will only cover an accident if one of the approved drivers was driving. If you was to borrow my car and get in a wreck, they would not cover it.

Your uncle is most likely listed as a secondary driver on the insurance.
Thats actually not true, insurance follows the vehicle so if you allow someone to drive your car they are covered by your insurance. Some people have tried to be slick in the past when their unlisted on the policy kids wrecked their cars so the insurance company says "well then you need to press charges against them that they stole your car", yeah... nobody ever does that.

As for the OP, Insurance requires insurable interest, basically that means the person insuring the car has to be the titled owner or registerer of the car. The fact its either/or allows you for example to register a car titled owned by your mom or dad (or a leased car which is still owned by the bank, or a company provided car which is owned by your company). What it avoids is if you have no interest in the car (you don't own it or its not registered in your name) you can't claim against it, otherwise people could just insure other peoples cars and collect money on something they don't have any true connection to.

So in your case as long as your grandfather is on the title and he will be registering the car he can insure it in his name alone. If the insurance company does a search and sees you on the title, some won't care, some will. Ethically this is wrong to do, and also if you do wreck it while you will be covered, Grandpa may have his insurance dropped or they may make him add you to the policy. Technically its insurance fraud - misrepresentation, however I have never ever heard of an insurance company going after someone like that or not covering them, this kinda crap happens so much doing that would be bad for business.
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