We’re here to explain deductibles, whether you’re new to the concept or an USA resident trying to comprehend glass coverage.
Is it possible to obtain auto insurance on a vehicle that isn’t registered in your name? is a question that insurance clients frequently ask. We’ll not keep you waiting; the majority of the time, you cannot get auto insurance on someone else’s vehicle unless you have an insurable interest.
What does that actually mean is the second, and possibly more significant, question.
Let’s discuss insurance on a car that isn’t yours, define insurable interest, and discuss who should and shouldn’t be covered by your policy. All set?
Meaning of insurable interest
Although it seems like a difficult crossword puzzle solution, insured interest is actually quite simple. When you have a financial position in a car and would suffer a direct loss in its event, you have an insured interest.
Having a vehicle in your name, such as a car title, is typically how an insured interest is confirmed. However, there may be situations in which you require a policy to protect an insurable interest you have in a vehicle that is not your own.
Can a car that isn’t registered in your name be insured?
Both yes and no. Since our coverage model stipulates that you must be the registered owner of any vehicle for which you are receiving coverage, we don’t offer it at Our. However, depending on your state, you may be able to find a situation where you can insure a vehicle that isn’t your own if you investigate alternative insurance providers.
Your insurance coverage must, in some places, match the name on the title and registration of the car. If someone is operating the car but isn’t listed on the title and registration, the insurance firms in those states won’t create a policy for them.
Conversely, some jurisdictions might not mandate a match between the policyholder’s name and the one on the car. In certain areas, an insurance provider may permit a driver who does not own the car to have a policy in their name; however, the registered owner must be included on the policy as an additional insured or as a co-owner. Perplexing? Here are a few instances:
If you and your adolescent purchase a car together, the policy may be issued in your teen’s name and include you as an additional insured or as co-owner of the vehicle. This is how you should write the policy to represent your insurable interest in the car.
The policy may be issued in the relative’s name with you named as an additional insured or co-owner if you assisted them in buying a car and you are the co-owner of that vehicle. If the relative lives with you, one alternative would be to include the vehicle on your policy and name the relative as a co-owner or driver.
Crucially, insurance providers might respond to these circumstances on a case-by-case basis. It will be preferable to speak with your local insurance provider about your situation to determine how to proceed.
Listed drivers and insurance—the best of both worlds
Now for the juicy details: listed drivers.
The dilemma is, should one list or should one not? We felt it would be helpful to share with you the importance of knowing who to list on your auto insurance policy, as having an unidentified driver in the event of an accident or claim might have serious repercussions.
A listed driver is a household member (such as a licensed teen or carer) who regularly drives the vehicle but does not necessarily have an insurable interest in it (ownership). A member of your family who drives the car needs to be named as a driver on the insurance policy; they won’t be listed as an owner or an additional insured.
Nowadays, a lot of insurance providers will want that the coverage include a list of every household member who is old enough to drive. For this reason, periodically reviewing your policy might be an excellent approach to update any drivers who need to be added or removed.
Your vehicle has an insurable interest in it. Additionally, we at Our have an interest as an insurer in you. At Our, we want you to have greater clarity and confidence regarding your coverage and the enjoyable times you have when driving.