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What effect does co-signing on a car loan impacts insurance Financing a Car with Co-Signers in this series Financing a car with Co-Signer

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3 minutes read. 21st September 2022

Writer: Kellye Guinan Written by Personal and Business Finance Contributor

Kellye Guinan is a freelance editor and writer with over five years ‘ experience within personal finances. She is also a full-time worker at her local library, where she assists people in her community get information on financial literacy, among other subjects.

Editor: 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 confidence to manage their finances with concise, well-researched, and clear information that break down complex topics into manageable bites.

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If someone in your family or a friend requires assistance in securing an loan to buy a car and you are required to sign the loan. While you’ll be responsible for the loan however, a co-signing an will likely not affect your auto insurance policy or the premiums you pay. However, there could be some adjustments to your insurance policy to keep in mind before signing co-signers. 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 co-signing the loan will affect your auto insurance policy or the premiums you pay for coverage. If you aren’t planning to drive the vehicle that you co-sign for it shouldn’t be any changes to your . «Co-signing a car loan should not impact 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 increase to reflect the added vehicle,» says Douglas Heller director of insurance at the Consumer Federation of America and an internationally-recognized expert on insurance. There could some consequences for the co-signer if who you co-signing with does not pay the loan, your insurance should generally be unaffected. Some exceptions to the rule are a few specific exemptions from this policy. If you reside alongside the primary borrower on the loan and you are already covered by the same insurance, your policy will be impacted. As Heller states that the premium for your policy will be increased in order to reflect the addition of the vehicle. But even driving the car often could mean that you have to include it in your insurance policy, which will raise your cost. Co-signers are not usually liable for any accidents if the vehicle is in an accident or collision in general, you’re not held accountable as a cosigner. «Co-signing for an auto loan isn’t a reason to be liable for the borrower’s poor driving, DUI or even driving without auto insurance» states Steve Sexton, a financial advisor and the CEO of Sexton Advisory Group. However, the boundaries of responsibility change when your name appears on the vehicle’s title as co-owner — which would be the case if you were a full co-applicant on the loan as opposed to merely a co-signer. In this case you could be held accountable for any damages incurred in an accident, if you are the owner of the car you co-own is found to be the party responsible or the one who caused the accident. If the incident results in an action, you could also be held accountable. Even if your co-owner isn’t found at fault in the accident, your premiums may still increase. Co-signing vs. becoming a co-owner co-signer has only responsibility for the loan. The lender will notify you in the event that there are late payments or if the primary borrower is in default. Since a co-signer essentially acts as a guarantor of the primary borrower, you must pay the loan if the primary borrower isn’t able to pay. However, it has no impact on your insurance. It is only co-owner in a vehicle in the event that your name is mentioned on the vehicle’s title. Owners of co-owned vehicles share an equal stake in the vehicle and are equally accountable for keeping loan payments on time if the loan was used for the purchase of the car. This means that a co-owner will have to also list the car on their insurance, whether it is frequently driven or not. Ultimately, that means an increase in your policy cost. As a co-signer, you don’t have legal rights of ownership to the automobile, and your name will not appear on the vehicle’s title. However, not all lender offers a co-signing option. Certain lenders may only permit co-signing on a joint application, which will put you equally in the risk of the loan and the car. This means that the insurance company you use to be notified because you’ll be in the title of the carand your insurance could be affected. The bottom line is that co-signing for a car loan for a friend or loved one can be beneficial for the primary buyer. While there are risks for the credit of co-signer, your auto insurance policy should remain the same. However, before you take 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 five years of experience in personal financial matters. She also works full-time as a employee at her local library where she assists people in her community get information about financial literacy, in addition to other topics.

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

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to control their finances with concise, well-studied information that breaks down complicated topics into bite-sized pieces.

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