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Co-signing for a car loan can affect insurance Financing a Car With Co-Signers in this series Financing a car with Co-Signer
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3 minutes read. Published September 21, 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 financial matters. She also works full-time as a employee at her local library where she helps the community gain access to information on financial literacy, in addition to other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-researched and well-read information that breaks down otherwise complex topics into manageable bites.
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When you or a loved one requires assistance in securing a loan to purchase a vehicle and you are required to sign the loan. While you'll be responsible for the loan however, a co-signing and not be a factor in the auto insurance policy you have or the rates you pay. There may be some modifications in your insurance that you need to keep in mind before becoming co-signers. Co-signing an auto loan likely won't affect your insurance . Helping someone buy an automobile isn't something to be done lightly. However, it is unlikely that signing a loan will impact your auto insurance policy or the premiums you pay for insurance. If you do not plan to drive the car you co-sign for it shouldn't be any changes to your . "Co-signing the vehicle loan should not impact your insurance premiums except, of course, you decide to add the vehicle you co-signed to your own insurance and in that case, the premium would increase in order to cover the additional vehicle," says Douglas Heller director of insurance for the Consumer Federation of America and an internationally recognized expert in insurance. There could some consequences for the co-signer if who you co-signing with does not pay the loan the insurance will generally remain unaffected. Exceptions to the rule There are some specific exemptions from this policy. If you are living with the primary borrower of the loan and are already on the same insurance and policy, then your policy is affected. As Heller states, the policy premium will be increased to reflect the new 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 involved in a collision or an accident, you are generally not responsible as a co-signer. "Co-signing for a car 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 CEO of Sexton Advisory Group. But the limitations of liability change if your name is on the vehicle's title as co-owner . This would be the situation if you were a full co-applicant on the loan, not just a co-signer. In this scenario you may be responsible for damages in an accident if the driver of the vehicle you share ownership with is found to be accountable or caused the collision. If the accident leads to a lawsuit, you may also be potentially liable. Even if your co-owner isn't blamed in the accident however, your insurance premiums may increase. Being a co-signer vs. having a share in the ownership co-signer only has responsibility on behalf of 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 to the principal borrower, you are required to make payments on the loan even if the primary borrower is unable to. But that has no impact on the insurance you have. You are only a co-owner in a vehicle in the event that your name is mentioned on the title of the car. Co-owners have an equal stake in the vehicle , and are accountable for keeping loan payments on time if the loan was used for the purchase of the vehicle. That means a co-owner will have to also list the vehicle on their insurance policy, regardless of regardless of whether the vehicle is used frequently or not. Ultimately, that means an increase in your insurance premium. As a co-signer, you will not have any legal rights to ownership and stakes in the car, and your name won't be listed 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 could put you both in the risk of the loan as well as the car itself. This means that the insurance company you use to be informed -- since you will be in the title of the carand your insurance could be affected. The bottom line: Co-signing a car loan for someone you love could be an enormous benefit to the buyer who is the primary. While there are risks for your credit when you co-sign for a co-signer, your car insurance policy should remain the same. But before taking this step contact your insurance provider 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 finance. She's also a full-time worker at her local library, where she assists people in her community get information about financial literacy, in addition to other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers feel confident to control their finances through providing clear, well-researched data that breaks complicated topics into bite-sized pieces.
Auto loans editor
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