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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-Signers







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3 minutes read. Published September 21, 2022
Writer: Kellye Guinan. Written by Personal and Business Finance contributor

Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finances. She also works full-time as a employee at her local library, where she assists people in her community get information on financial literacy, in addition to other topics.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to control their finances with concise, well-researched, and clear information that breaks down complex topics into manageable bites.









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If you or a loved one requires assistance in securing the loan to buy a car and you are required to sign the loan. And while you will be accountable for the loan however, a co-signing it will not impact your auto insurance policy or the premiums you pay. There may be some changes to your insurance policy to keep in mind before signing a co-signer. Co-signing an auto loan likely won't affect your insurance Helping someone purchase a car by is not a commitment to be taken lightly. However, it is likely that co-signing for a loan could affect the auto insurance policy you have or the rate you pay for insurance. If you don't plan to drive the vehicle that you are co-signing for it shouldn't be any changes to your . "Co-signing for a vehicle loan should not impact the cost of your insurance except, of course you decide to include the co-signed car to your own insurance then your premium will go up in order to cover the additional car," says Douglas Heller director of insurance for the Consumer Federation of America and a nationally recognized insurance expert. There could some consequences for the co-signer if who you co-signing with is unable to pay, your insurance should generally not be affected. Some exceptions to the rule are a few specific exceptions to this rule. If you reside with the primary borrower on the loan and are already on the same insurance, your policy will be impacted. As Heller states, the policy premium will go up to reflect the additional vehicle. However, driving the car often could mean that you have to include it in your insurance policy, which will increase your premium. Co-signers usually aren't held responsible for any accidents if the vehicle is involved in the middle of a collision or accident, you are generally not responsible as a co-signer. "Co-signing for an auto loan does not make you responsible for the borrower's poor driving, DUI or even driving without insurance," states Steve Sexton, a financial advisor and CEO of Sexton Advisory Group. However, the limits of your responsibility are altered when your name appears on the vehicle's title as a co-owner, which could be the situation when you are a full co-applicant of the loan, not just co-signer. In this scenario you may be responsible for damages in an accident, if your vehicle's driver you co-own is found to be the one responsible or the one who was the cause of the accident. If the accident leads to a lawsuit, you could also be potentially liable. However, even if the co-owner doesn't get blamed for the incident, your premiums may still increase. A co-signer is different from. being a co-owner A co-signer has only responsibility on behalf of the loan. The lender will notify you in the event that you are in arrears or if the primary borrower is in default. Because a co-signer acts as a guarantor to the principal borrower, you have to pay the loan even if the primary borrower is unable to pay. However, it has no impact on your insurance. You're only a co-owner in a vehicle in the event that your name is mentioned on the vehicle's title. Co-owners have an equal stake in the car and are equally responsible for keeping the loan payments on time when they take out a loan was used for the purchase of the car. This means that a co-owner will also need to list the vehicle on their insurance coverage, regardless of whether it is driven frequently or not. This will result in an increase to your policy premium. Co-signers do not hold any legal rights to ownership or stake in the vehicle and your name won't appear on the vehicle's title. But not all lender offers a co-signing option. Some may only allow the joint application. This will put you equally at stake for the loan and the vehicle itself. This means that your insurance company needs to be notified -- since you will be in the title of the carand your insurance could be affected. The bottom line Co-signing for a car loan for the benefit of a loved one or friend can be a significant help to the buyer who is the primary. While there are risks for your credit as co-signer, your auto insurance policy should remain the same. Before you make this move contact your insurance provider to determine if your policy is affected.


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Written by Personal and business finance Contributor

Kellye Guinan is a freelance editor and writer who has more than five years ' experience within personal financial matters. She also works full-time as a worker at her local library where she assists the community gain access to information on financial literacy, as well as other topics.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to take control of their finances with precise, well-researched and researched information that breaks down otherwise complicated topics into bite-sized pieces.






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