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By co-signing the loan, they are guaranteeing that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.

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Q: Does the cosigner on an auto loan have to be on the insurance policy?
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Related questions

Can a cosigner on an auto loan get insurance on the vehicle?

Yes


Can your daughter be on your car insurance if you are not cosigner on her car loan?

Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.


Can you be seventeen and have a cosigner cosign for an auto loan?

i was able to get an auto loan with the help of a cosigner and im under 18


Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?

No. The cosigner would have to apply for a loan in their name using their credit, income data.


What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?

The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.


What is the insurance liability for the cosigner of an auto loan?

None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.


Does the cosigner on an automobile loan have to be on the automobile jnsurance policy?

Not in my state.


What does it mean to have a guarantor on an auto loan?

A cosigner- someone who agreesto pay the loan if you default


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.


Is the loan for a vehicle paid off when the owner dies?

Not under the standard auto insurance policy.


If you apply for an auto loan and have a cosigner will that decrease the amount of positive credit you get from having that loan?

Nope


If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?

will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle