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Co-signing a car loan can affect insurance Financing a Car With a Co-Signer In this series Financing a car with a Co-Signer







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3 min read published on September 21, 2022.
Writer: Kellye Guinan. Written by personal and business finance contributor

Kellye Guinan is a freelance editor and writer with more than five years of experience in personal finances. She also works full-time as a worker at her local library where she helps her community access information about financial literacy, among other subjects.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-researched, and clear information that breaks down otherwise complex topics into manageable bites.









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When a family member or friend requires assistance in securing an loan to buy a car or other vehicle, you could be asked to sign the loan. Although you'll be responsible for the loan however, a co-signing an will likely not affect your own auto insurance policy or the rates you pay. However, there could be some changes in your insurance that you need to keep in mind before becoming a co-signer. Co-signing a car loan is unlikely to affect the insurance coverage of someone who is buying the car they want isn't something to be done lightly. It is however unlikely that signing a loan could affect the auto insurance policy you have or the premiums you pay for insurance. If you do not plan to drive the car you are co-signing for, there should be no changes to your . "Co-signing for a car loan will not affect your insurance premiums, unless, of course you decide to add the co-signed vehicle to your own insurance then the premium would increase to reflect the added car," says Douglas Heller director of insurance at the Consumer Federation of America and a nationally recognized insurance expert. So while there may be consequences if the person who you are co-signing on behalf does not pay the loan but your insurance coverage should be unaffected. Exceptions to the rule There are some rules that do not apply to you. If you are living alongside the primary borrower on the loan and are currently on the same insurance the policy of yours is affected. As Heller states that the premium for your policy will go up to reflect the new vehicle. However, driving the car often could mean that you have to add it to your insurance, which will raise your cost. Co-signers are not usually liable for accidents If the vehicle is in an accident or collision, you are generally not held accountable as a cosigner. "Co-signing for the car loan does not make you responsible for the primary borrower's bad driving, or DUI, or driving without auto insurance," states Steve Sexton, a financial advisor and CEO of Sexton Advisory Group. But the limitations of liability change when your name appears on the vehicle's title as co-owner -- which is the case if you were a full co-applicant of the loan, not just as a co-signer. In this situation you could be held accountable for the damages caused by an accident, if your vehicle's driver you co-own is found to be at fault or who caused the accident. If the accident leads to an action, you could also be held accountable. However, even if the co-owner isn't blamed for the incident the premiums could increase. Co-signing vs. having a share in the ownership co-signer is only responsible to the loan. The lender will contact you if there are late payments or if the primary borrower fails to pay. Since a co-signer essentially acts as a guarantor for the principal borrower, you have to be able to pay for the loan in the event that the primary borrower isn't able to pay. However, it has no impact on your insurance. You are only a co-owner of the car in the event that your name is mentioned on the title. Co-owners share an equal interest in the car and are equally responsible for keeping the loan payments on time in the event that they take out a loan is used to purchase the car. That means a co-owner will also need to list the vehicle on their insurance, whether it is driven frequently or not. This will result in an increase in your insurance cost. As a co-signer, you do not hold any legal rights of ownership or stake in the vehicle and your name won't appear on the car's title. However, not all lender offers a co-signing option. Some lenders will only accept co-signing on a joint application, which puts you at stake for the loan and the vehicle itself. This means that your insurance company needs to be notified because you'll be on the vehicle's title -- and your insurance may be affected. The bottom line is that co-signing an auto loan for someone you love can be a significant help for the primary buyer. Although there are some risks to your credit as co-signer, your auto insurance should stay the same. Before you make this move, call your insurance company to see if your insurance policy is affected.


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Written by Personal and business finance Contributor

Kellye Guinan is a freelance editor and writer with more than five years ' experience within personal financial matters. She's also a full-time worker at her local library, where she assists the community gain access to information on financial literacy, among other subjects.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-studied data that breaks complex topics into manageable bites.






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