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IF I Cosign AN auto lease WHAT ARE MY insurance liabilitIES?

IF I Cosign AN auto lease WHAT ARE MY insurance liabilitIES?well your liablites in general…depends….you can be a ‘co signer’ and NOT an proprietor ( i know this because i did this with our kids…on purpose) if you are a co possessor you have the same liablity as the possessor, (ins…if accident occurs and no insurance you are held equal with holder)….if you are a co signer and NOT a co proprietor you liablity starts and completes with the financial responsiblity of the note…(they don’t pay then bank/company comes to you to pay the note/lease)….

Is auto theft covered by liability insurance in Colorado?

No. Liability insurance covers harm you do to someone else’s property. Theft would be covered by comprehensive insurance. In most jurisdictions, liability insurance is required but comprehensive is not.

What is the law on auto liability insurance in Tennessee?

Response .
Tennessee requires “Proof of Financial Responsibility” which can be pleased by liability insurance with minimums of 25/50/Ten. Otherwise, a bond or other assurance of capability to pay damages is required. Proof is not required at the time of vehicle registration, but penalties are incurred if proof is not provided at the time of an accident. Proof is required regardless of fault, so all parties must provide it. Most drivers opt for insurance..

If you want to help your teenage by cosigning for an auto leasing loan and the auto dealership approves what happens if you file Chapter 7 shortly after?

We were just in this situation and I am surprized your attorney didn’t tell you this…you have to reaffirm the vehicle if you or teenage wants to keep the car. The lawyer should have asked you if you were a co-signer for any property or autos.

Does cosigning an auto loan make you responsible for insurance?

%FOLLOWUPS% Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.

How long does the auto insurance company have to determine liability?

Response .
I would suggest you contact your insurance commissioners office to find out if there is time limit on making a determination in your state.

What is the insurance liability for the cosigner of an auto loan?

Reaction .
None. A cosigner is coming in into a legally roping contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights tothe property.

If you cosigned a leased car for your daughter and the car and insurance are in her name are you responsible as cosigner for any liability over the covered insurance amount in the event of an accident?

Response .
No..
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Y-THINK-Y.
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Ordinarily a cosigner would not be liable for anything other than the lending agreement. .
However, responsibilities incurred by all parties when a vehicle is under lease can be fairly different than the purchasing a vehicle. It would be prudent for the cosigner to read the leasing contract very cautiously and perhaps seek legal advice if they are hesitant of the terms of the contract.

What if you cosigned for an apartment and the lease was violated?

Response .
You are legally trussed to the lease and the obligations of the original contract as if it were your lease. You can take the person that you co-signed for to court for reimbursement.

If you cosign an auto lease will it demonstrate on your credit report if all payments are made on time?

Reaction .
Yes. It shows up on your credit report as a co-signed loan. The up side is you will receive credit for a good loan on your credit report. The down side is if you apply for credit they will usually count that debt as yours since if the maker does not pay you are responsible and if they use any type of debt to income ratio to qualify that will increase your debt %.

How much does liability auto insurance cost?

It depends on your driving record. I recommend you this site where you can compare quotes from different companies: mycheapinsurance.net

What is liability auto insurance?

Liability auto insurance protects you from judgments against you in the event that you cause harm with your vehicle. In Nebraska, it usually emerges represented in this way: 100/300/100. In that representation, 100 refers to $100,000 worth of coverage per person for Bodily Injury caused by your negligence, 300 refers to the aggregate per claim limit of $300,000 in Bodily Injury caused by your negligence, and the final 100 refers to $100,000 worth of coverage for property harm per accident as a result of your negligence.

Auto insurance liability?

Most of the auto insurance packages come with liability insurance included, since it is usually required by the law. The main purpose of the liability insurance is to provide compensation in case of an accident. In order to make things clearer for you, when you, for example, are involved in a car crash and you have liability insurance in place, the insurance company will pay compensation to the other side. You can also check out my related links for more information and examples.

IF I Cosign AN auto lease WHAT ARE MY insurance liabilitIES?

I cosigned daughterinlaws car wrecked no insurance she filing ch 13 what is my liability was unaware of no insurance she owes 11000 car totaled?

Listen…your in a mess..and I suspect may not be understanding things fully or correctly. (Like generally all lenders require insurance, and if she didn’t have it they automatically buy it)…as a cosigner your involved in both the car loan… and her Chap 13 effects you too….other things (like possible liability from the accident if it turns out you were actually co-owner, not just co-signer)…all fairly specific and complicated. I don’t normally say this, but engage a lawyer TODAY.

Does a cosigner for a contract on an apartment share in the liability and if so can one cover the cosigner’s liability with tenants insurance?

Yes the co signer is responsible for the entire terms and requirement on the lease just like the primary renter is. NO renters insurance cover the contents of the apartment and in case you cause a flood to the unit below and items of that nature. There is no insurance for the co signer

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If you are the cosigner on auto lease and the primary lessor files bankruptcy does the cosigner have the right to take over the vehicle lease?

It depends on how the agreement is worded, but usually – NO. The co-signor is NOT the co-owner but is only someone whom the lender has qualified to act as a financial “back up” to the purchaser. This is not to say that the co-signor cannot become the car’s holder but would have to go through the qualification process that would qualify them.

If the primary lessor defaults on an auto lease loan is the cosigner responsible for the debt?

Yes, you sure are. That is what a cosigner does, assures to pay the loan if the primary does not. Surely you knew this before cosigning a loan? If not, sorry but you have learned a valuable lesson. Attempt to work this out before they repossess the car..
When you finance or lease a vehicle, your creditor holds significant rights on the vehicle until you’ve made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car..
Talking with Your CreditorIt is lighter to attempt to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you’ll be late with a payment. Many creditors will work with you if they believe you’ll be able to pay soon, even if slightly late..
Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may reject to accept late payments or make other switches in your contract and may request that you comeback the car. By voluntarily agreeing to a repossession, you may reduce your creditor’s expenses, which you would be responsible for paying..
Recall that even if you comeback the car voluntarily, you’re responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report..
Seizing the CarIn many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a “default.” In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are permitted on your property to seize your car without letting you know in advance..
But creditors aren’t usually permitted to “breach the peace” in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace..
Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property..
A creditor usually can’t keep or sell any individual property found inwards. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can’t account for articles left in your car, talk to an attorney about whether your state offers a right to compensation..
Selling the CarOnce your creditor has repossessed your car, they may determine to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold..
In either of these circumstances, you may be entitled to buy back the vehicle by paying the utter amount you owe, plus any expenses connected with its repossession (such as storage and prep for sale)..
In some states, the law permits you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession..
The creditor must sell a repossessed car in a “commercially reasonable manner” – according to standard custom-made in a particular business or an established market. The sale price might not be the highest possible price – or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable..
Paying the DeficiencyA deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $Two,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing..
In most states, a creditor who has followed the decent procedures for repossession and sale is permitted to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract..
Depending on your state’s law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only chance to present any legal defense..
If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.

What are the obligations of a cosigner on an apartment lease?

A co-signer shares financial responsibility for the rental. Unpaid rent, harm to the apartment after moving and so on will fall on your shoulders if the renter does not do as he/she should.

Related video:

What is liability coverage on auto insurance?

This means that if the accident was your fault, your insurance will pay(up to an amount that is on your policy) for the other property and persons involved in the accident. Liability insurance does NOT cover your vehicle harm..

What does auto liability insurance cover?

Auto liability insurance is specifically designed to cover any harm caused to other vehicles if you have an accident. It does not cover reapirs to your own vehicle. It is by law the minimum requirement for insurance in every state.

Does the primary lease holder on a car lease have any liability if the car is in an accident if the car is registered and insured by the co-signers of the lease who is not the primary?

If others who are co-signed on the car are in an accident, and cannot afford to pay and charges or fees as a result of that accident, then yes, as a co-signer the primary lease holder will be liable for those oustanding payments.

If you cosign on a home that is foreclosed what is your liability?

You very likely co-signed on the MORTGAGE LOAN that was used to buy the home..
As co-signer, you are also entirely responsible for payment of the loan….and if the primary borrower defaults you can expect the lender to come to you for payment, or if they have to foreclose and sell the property, for any losses they incurr doing so..
Thats what you co-signed for…telling you were responsible for the debt if the other borrowers didn’t prove to be responsible.

If you have only liability auto insurance should your insurance provider help you with a claim settlement against another insurance company after a auto accident?

no – your insurer is under no “obligation” to help you. Best bet is to pursue through puny claims court. if harm is greater than puny claims value – consult an attorney and negotiate a reasonable fee (usually a % of settlement amount and you owe nothing if you lose)

What point is it safe to have just liability on your auto insurance?

When you can afford to substitute the car because it has devalued with time. 150k miles+ imo.

What is nonowner auto liability insurance?

This is a type of auto liability coverage that can be purchased when the buyer does not own an automobile. While auto liability insurance is typically said to “go after the car”, meaning that it correlates with a particular vehicle, non-owner’s coverage “goes after the driver”. In that sense, it covers the driver irrespective of the vehicle he/she is driving.

What does liability auto insurance cover?

Damages to other’s vehicles, property, or persons in an accidentwhere you were foundat fault . In “no fault states” eachperson’s policy covers the other’s damages without requiringdetermination of fault.

IF I Cosign AN auto lease WHAT ARE MY insurance liabilitIES?

Does liability auto insurance cover your car if you hit a pole?

No. Liability insurance will only cover your liability for property harm/injuries to others. In this case, it would cover the harm to the pole you hit. Your liability coverage will never cover harm to anything you own. You would need collision/comprehensive coverage to cover harm to your car.

What responsibility does a cosigner on an apartment lease have?

a cosigner is a person who is responsible for the rest of the rent that you don’t pay if u get evicted the person who signed as a cosigner will have to go to court

Car age or mileage when to consider auto liability insurance?

The age of the vehicle is not a factor in liability coverage. The number of annual miles driven is a factor. This is because the risk of an accident occurring increases in proportion to the amount that the car is driven.

Will auto liability insurance go after a driver if they steal an auto?

NO, All auto insurance policies specifically exclude coverage for accidents and claims that arise from criminal activity other than normal traffic violations. Auto theft is a felony in the U.S. No Auto Insurance Company in the USA would be obligated to pay for a claim arising from the Insureds theft of another persons property.

Does the cosigner on an auto loan have to be on the insurance policy?

By co-signing the loan, they are assuring that you will repay the loan. They do not need to be on the auto insurance policy, but it would be in their best interest.

What are auto insurance liability thresholds?

This term refers to the maximum amount of money that the insurer is obliged to pay on your behalf in the event of a collision. The premium that you pay to the insurer for this protection is a function of many factors, once of which is the liability thresholds. Liability boundaries are usually voiced in terms of an amount payable per person, and a larger amount payable per event or occurrence. This means that if an event occurs that is your fault and that is covered by the policy, the insurer may be required to pay a maximum of $X to each person who is injured or harmed. Further, it means that if numerous people were injured or harmed by the same occurrence, the insurer is liable for payment of up to the “per occurrence” boundaries, but no more. All of this is contingent upon the person insured being legally liable for the occurrence. This generally means that the person must be found to have been negligent.

Is there a deductible on liability auto insurance?

Not with respect to private auto insurance. However, when commercial auto insurance is involved, especially fleet coverage, there sometimes is. It is not called a deductible, but a “self-insured retention”. The insured selects an amount that it is willing to pay toward the indemnity of a third party before the insurer’s obligation to pay is triggered.

Does a cosigners auto insurance go up if the holder is late with payments in Maryland?

If your worried about your friends or relatives late payments on their car note then I suspect that you are not just a co signor but are actually a co-buyer. If you are a co-buyer on the note then your credit score will certainly be affected by your co-buyers late payments and could also result in your insurance rates going up as well as enhanced interest rates on your credit cards and any other variable interest notes.

Is liability for auto insurance required by the state of Utah?

Liability insurance is the minimum coverage you can get and is required in every state.

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How is auto liability insurance different from comprehensive insurance?

Liability insurance only covers someone else in the case that you are responsible for damages caused in a collision. Comprehensive coverage will cover a driver that you hit, as well as cover yourself for any damages inflicted during a collision.

Does Geico suggest good auto liability insurance?

“Yes. Geico is a top rated car insurance company in the United States, they suggest total coverage as well as liability insurance, you can go to their website and choose the best policy for you.”

Does your liability auto insurance cover you in a loaned vehicle?

No. Liability insurance goes after the vehicle so the person who wields the vehicle you are borrowing needs to make sure that they have insurance and also needs to add you as a driver on his or her policy. You also need to make sure that this is done because if you drive the vehicle and get stopped you will get the ticket for driving without insurance. If you have an accident and are not added as a driver his or her insurance company may deny the coverage for material misrepresentation and guess who will be sued by the person you hit? Both of you will be sued and both will be responsible. Insurance companies to do not like vehicles to be loaned to unknown drivers.

IF I Cosign AN auto lease WHAT ARE MY insurance liabilitIES?

What is employers non ownership auto liability insurance?

An employer’s non-owner is usually an endorsement to a commercial auto or commercial general liability policy that is actually called hired and non-owned coverage. I always recommend this endorsement to my commercial clients because it is very inexpensive and provides coverage to the employer in cases where an employer has to drive to the bank or post office or similar errands. If an accident occurs the endorsement provides coverage for the employer only. It does not provide coverage to the employee who is still required to carry their own insurance. it provides secondary coverage only.

Where can one get a good auto liability insurance?

A person can get fine auto liability insurance by doing a lot of research before determining on a company. There are local agents that are glad to assist in help. In addition, there are websites that can give good quotes on pricing. I think that serious research is the best way to get the best quote.

Is it legal for a insurance company to auto renew an liability insurance policy in Connecticut?

I don’t think it violates Connecticut insurance regulations. But you should be able to cancel the policy and get a pro-rated refund or total refund.

Where can one find liability insurance for autos in IL?

There are many companies that provide liability insurance for autos in Illinois. Nationwide companies like All State, AAA and Geiko all provide insurance in that state.

What companies suggest Auto Liability Insurance in America?

There are several different companies that suggest Auto Liability Insurance in America. Companies like, state farm, 21st century, geico, and progressive all suggest Auto Liability Insurance in America.

What insurance company provide auto insurance liability?

Allstate is one of the most well known insurance company that provides auto insurance liability. Other companies that provide this service include GEICO and Nationwide.

What is the difference inbetween total coverage auto insurance and liability only insurance?

Utter coverage auto insurance covers everything. If the car is totaled they will will substitute it. Liability auto insurance will only cover medical bills, and not the car if it is totaled.

Where can you purchase cheap auto liability insurance?

Auto liability insurance, sometimes known as third party insurance, provides protection to the driver for the costs of bruising another vehicle, property or person whilst driving. Cheap auto liability insurance can be purchased from car insurance brokers, and cheap deals can be identifed using insurance comparison websites such as Go Compare or Compare the Market.

What is the address to send auto insurance policy on a Ford Lease?

All you need to do is to look on your lease contract and it will give you not only the address but more importantly how the insurance must be stated. Generally in the case of a lease you agree to keep certain high liability thresholds, certain deductibles, and to list the finance company as an extra insured as well as the loss payee on your auto insurance policy. If you don’t carry it exactly as the contract states the least that will happen is that they will provide such insurance and you will be charged for it, and the most they can do is to repossess the vehicle and sue you for all costs, balances, etc.

Will auto shop liability insurance pay for implements if stolen?

A Garage policy can have many different kinds of coverage added to the policy. You can certainly add coverage for instruments and equipment to be covered under the policy.

What does the liability portion of auto insurance cover?

Caution Laymans Response! Basically Liability is to cover harm done to outher people andother peoples property.

Does the proprietor have any liability if the cosigner of a vehicle has an accident and is not on the insurance?

Certainly. The possessor of the vehicle has liability in many different ways. Very first, the proprietor of the vehicle is permitting the co-signer to drive the vehicle without listing them on the insurance as a driver. In this, the possessor has committed insurance fraud and material misrepresentation against the insurance company. The insurance company therefore has a reasonable cause to deny all coverage for the accident. Now the proprietor will have liability to the other party in the accident for all their damages, lost wages, and/or injuries. The proprietor will have total liability for the repayment of the loan even however the vehicle is bruised or totaled because the insurance company has no responsibility to pay for said damages because the possessor lied on the insurance application. The application and policy clearly states that the possessor will notify the insurance company of any and all household members and drivers. By not doing this you have committed fraud. An insurance application and policy make up a legally tie contract which trusses both parties to certain requirements under the contract terms. The policyholder is required to pay premiums and be truthful on the application and thereafter letting the company know of drivers, locations, household members, etc. and the company has a requirement to pay claims. If one party doesn’t fulfill their part the other party is also not required to fulfill the other part of the contract as the contract is void.

Do you need to buy an insurance for your motorcycle assuming you already have an auto insurance with minimum liability?

When you buying the motorcycle insurance in Malaysia then alwayscompare all the policies that are similar and suggest same amount ofcoverage. Compare similar policies with piam.org.my, you will beable to differentiate them lighter and see what the average policycost is like. Premium costs are determined by insurers based onvarious factors such as age, gender, driving history, car make andmodel and more. You may even be astonished by how much prices varyamong different insurance companies, so it is always better to getseveral quotes online from insurers.

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