03-02-2010, 09:49 PM | #1 |
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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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03-02-2010, 09:57 PM | #2 |
Booooosted.
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Do you know of any of them that wrecked them?
If so, how did the insurance companies cover? |
03-02-2010, 10:10 PM | #3 |
Drives: 2010 Camaro 2SS/RS T/F Edition Join Date: Feb 2010
Location: OBX
Posts: 93
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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. |
03-02-2010, 10:10 PM | #4 |
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Drives: 2017 HBM 2SS Convertible A8 Join Date: Aug 2008
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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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03-02-2010, 10:12 PM | #5 |
NM HT5
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03-02-2010, 10:15 PM | #6 |
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03-02-2010, 10:35 PM | #7 |
I Pity The Fool
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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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03-03-2010, 05:52 AM | #8 | |
Drives: 2SS/RS Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,182
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Quote:
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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03-03-2010, 06:01 AM | #9 |
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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03-03-2010, 06:02 AM | #10 |
Drives: Z28 Join Date: Jul 2008
Location: Florida
Posts: 533
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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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03-03-2010, 06:03 AM | #11 | |
Drives: Z28 Join Date: Jul 2008
Location: Florida
Posts: 533
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Quote:
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03-03-2010, 09:56 AM | #12 |
Drives: 2010 SS , 1970 Z-28, 2002 Avalanche Join Date: Aug 2009
Location: Michigan
Posts: 2,524
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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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03-03-2010, 10:54 AM | #13 | |
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Quote:
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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03-03-2010, 12:03 PM | #14 | |
Iatefiberglassinsulation
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Quote:
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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