For a multitude of reasons, people co-sign someone else’s car loan all the time. Parents sign for their kids, kids sign for their parents, and significant others sign for their partners. If you have ever worried that your car insurance rates will increase if you co-sign for someone’s car loan, don’t worry. According to Tara Baukus Mello of Bankrate, “Co-signing a car loan won’t hike (your) insurance.” Finding cheap car insurance will not be more difficult for you if you’ve co-signed for someone else’s vehicle.
A reader sent in a question asking if her car insurance rates would increase after co-signing a loan for her boyfriend to buy a new car. Sometimes co-signers are not even listed on the title of a car as an owner or co-owner. In this case, you surely wouldn’t need to be insured on the car. Unless you are planning to be a regular driver of this vehicle, you don’t need your insurance to be involved. The person that you co-signed the vehicle for should have insurance from a company like Donegal Insurance that will cover the car in full.
You likely would not be named as an insured on a vehicle that you co-signed for because you are not going to be the driver of that vehicle. Your insurance company, if different from the co-owner of the vehicle, has no interest in this car for which you have co-signed. Even if you may drive the car once in awhile because it is your boyfriend or child’s car, your insurance and the co-owner’s insurance likely cover others driving the vehicle or you driving other vehicles. You do want to make sure that they are paying their loan however, because you are responsible for that!
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