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Additional Details
I was redoing my garden and sprinkler systems and i dug it up in the ... |
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Bear | Ok I need to know why someone can not insure someone elses car. Its for hw. Thanks? |
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mkulda
|
Well, you can actually do this.
For example, if you are a minor (which you are) and you are old enough to drive your own car and your parents buy the car for you, they can buy the insurance for it also.
If you are their dependent they can buy your auto insurance for you simply by including you on their policy, even if you own the car, there's nothing stopping them from paying your premiums.
Legally, the insurance policy is a contract between the company and the owner of the car.....if you are not a dependent and own the car, your parents could still buy your insurance by giving you the premium money that you then turn over to the insurance company. |
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mbrcatz
 |
The concept of "insurable interest".
The point of insurance is to put you back in the same financial condition you were in before the accident.
If you OWN a car, and it's in an accident, and costs $5000 to repair, you've just lost $5,000. If you insure Jane's car, and you don't own it, and she's in an accident that costs $5,000 to fix the car . .. you just "made" $5,000 off of her accident. Jane also likely collected $5,000 off of HER insurance company. So the insurance company, effectively, paid TWICE for the same accident. Which means, everyone who BUYS the insurance has to pay extra for premiums to cover losses that don't hurt anyone . . .
So the idea of "insurable interest" works, in the long run, to prevent duplicate claims, to help keep insurance company payouts reasonable and predictable, and in the long run, to keep everyone's rates lower. |
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goldenboyblue
|
The owner has to obtain the insurance since they are responsible for the car.
If you want to pay for someone else insurance (or vice versa) then simply switch the car registration to the name of the one who wants to pay the insur. bill and the of course get insurance in the same name as the new owner.
It usually just requires the signature/permission of the current owner often on the same form as the registration application. |
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mei-lin
 |
You have to have insurable interest in the car. |
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rltouhe
 |
Sometimes another person can be insured on someone elses vehicle. Case in point is a minor driving a parents car or even there own vehicle.
Once the person leaves the home the insurance is a contract between the driver and the company. The one driving has to be responsible and when another person is involved and there is an accident then problems can arise if the one insuring who isn't the driver disagrees and will not pay the deductible. So it is better that the driver is the one insuring. |
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Chris
 |
The answer to your question is that if you get an insurance policy, you have to have "insurable interest" in the vehicle that you're going to get coverage for. Even though auto insurance insures vehicles and not people, they don't insure any old car you want to put on the policy. It has to be owned by you or you have to have an insurable interest in it (co-signor, or co-owner for example) |
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seeker
|
insurance means 'to make good the loss'
one must face monetary loss in the event of accident/damage
u won't suffer any loss for the accident/damage of someones else car
u should have 'insurable interest 'on the insurable property .
u can attain insurable interest by giving loan to that vehicle..for example mortagage e.t.c |
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Dominique
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guess it depends who you're with. I'm with Tesco's and I insure my bloke's car with them, no problems |
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BbA
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Can you clarify why you would want to? |
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Omgitshim1
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You are insured to drive someone else's car if you are insured (third party only of course). I don't know what hw is so please explain. It is usually the driver that is insured for third party coverage (the legal bit). Comprehensive insurance is up to the owner of the car, and that owner can name drivers on his/her car for comprehensive coverage (an ex-girlfriend named me on her policy for a knackered old Ford Escort).
It is a bit like asking why I cannot take life assurance out on your life. Tell me why you think that might not be a good idea? (Moral hazard is the insurance term, do a search) |
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