How to Insure a Vehicle (when you’re not the owner!)
There are many situations in which you may wish to insure a vehicle that does not belong to you. You may wish to pursue insurance for a family member or roommate’s car. Insurance Expert, Eric Nelson explains how:
Driving a roommate or family member’s car can be risky business if you’re not covered by his/her insurance plan. If you’re interested in insuring a car that is not in your name, there are a few requirements you will have to meet. Eric Nelson suggests a few routes you can pursue if you’re interested in insuring a vehicle you do not own:
- Co-title the Vehicle
This is essentially a route to co-ownership of the car. This will qualify you for joint-owners car insurance. All family members (or roommates) within the household who will be driving the car must be listed on the insurance policy.
- Non-owner Insurance
This form of insurance is typically dispersed to employees who drive company vehicles. It protects non-owners who frequently drive a particular vehicle, in the event of an accident.
Additionally, if the vehicle’s owner will allow it, you can be added directly to his/her policy. This will cover all parties within the policy. Typically, insurance providers will require that all members of the policy live within the same household.