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As the cosigner has a financial interest in the property, meaning if something happens to the vehicle he can be made to pay "All" the bills, Then he should certainly be insured on the policy for any loss regardless of whether he is driving it.

A cosigner is jointly and severally liable to the lien-holder for the full amount of the note and is probably required to be insured under the finance contract anyway. The cosigner if unlicensed and does not drive should at the very least be listed as a holder of interest in the lien-holder section so that they will receive notification from the insurer should the primary have any lapse in coverage.

The primary driver should also pay any additional premium required to insure the cosigners interest. After all, he was kind enough to co-sign so you could buy the car, the least you can do is make sure he doesn't wind up in the poor house should something happen to it.

Should the primary Driver / borrower refuse to insure the cosigners interest, it would probably be prudent for the co-signer to take legal recourse against the primary borrower before a loss occurs.

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Q: Do both the buyer and co-buyer have to be on same insurance policy even if one never drives the car?
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Can a buyer remove a co-buyer from auto loan?

Well, it depends how the title was written. if it says buyer "or" cobuyer you dont need the other persons signature for anything .... if its written with "and" between your two names, u will have to have both people present to complete any removals or transfers. That or you can have the cobuyer sell u the car. They will still need to be present though.

Can a cobuyer refinance a auto loan and remove the buyer from loan?

Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

Can an original buyer repossess a car after a verbal agreement which is in the first month of default for nonpayment?

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Does the co-buyer have to be on the insurance policy if he does not drive the car?

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