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re: Possibly MoneyTalk related - temp assuming a car note/ins from a relative, thoughts?
Posted on 8/5/21 at 7:14 pm to Meauxjeaux
Posted on 8/5/21 at 7:14 pm to Meauxjeaux
You can't get insurance on it, because you don't own it. Can you drive it with her permission, yes. If there is an accident, they will ask her if your wife had permission. That's it. If you did/do this, pay her the note and insurance on the side and let her continue to make payments from her account.
This post was edited on 8/5/21 at 7:16 pm
2
Posted on 8/5/21 at 7:21 pm to Lynyrd
quote:
You can't get insurance on it, because you don't own it. Can you drive it with her permission, yes. If there is an accident, they will ask her if your wife had permission. That's it. If you did/do this, pay her the note and insurance on the side and let her continue to make payments from her account.
Keep in mind that your auto policies on your other vehicles likely won’t cover a non-owned vehicle if it’s been in your possession after a certain amount of days. If you or your wife cause an accident, the only liability coverage you’ll have is your relative’s policy unless you call your own insurer and see if they can cover the vehicle since you’ll be using it for a year.
Posted on 8/5/21 at 7:21 pm to Lynyrd
quote:
You can't get insurance on it, because you don't own it. Can you drive it with her permission, yes. If there is an accident, they will ask her if your wife had permission. That's it. If you did/do this, pay her the note and insurance on the side and let her continue to make payments from her account.
She would add us as additional insured.
For the downsides I figure:
Downside ----------- Mitigation/Remedy
Wreck ----------- Insurance repairs/totals
No-pay note/ins ---------------- We can pay from her acct online
Major mechanical ---------------- exposed here, we'd pay it
Regular maintenance --------------- we will pay as if it was ours
Tires/common parts ---------------- we would pay
Doesn't take it back on return --------------- we quit paying, nothing hurt?
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