I have a question please 🙏.
I lease a car for my daughter. And the car is under my
Name. I want here to pay for hers own insurance and insurance under here name. Can she have here own car insurance under here name ? Thank you
Auto car insurance question
byu/CharacterCustomer367 inInsurance
Posted by CharacterCustomer367
3 Comments
Most companies will require you to insure the car. You have insurable interest.
She should be able to get insured under her name. Just be sure to disclose ownership when looking for a policy to avoid any issues down the road.
Keep in mind, as you are the leaseholder, you are still financially responsible for the car if something happens to it. If there is a total loss and the ACV is less than the amount the leasing company requires for payoff, they would come to you for the difference. Also, check your lease contract to make sure they allow you to have the car insured under someone else’s policy.
Maybe over there. Not sure about here.
It depends on the carrier and state. Some will, some won’t. If she lives in the household with you it’s going to be less expensive to have the vehicles together on one policy – just have her pay the difference.