Co-owner Auto Insurance Quotes Online Albuquerque New Mexico NM
Reader’s Question:
I’m Charlie from Albuquerque New Mexico NM. My son asked me to help his best friend by selling my old car on installment basis, and I’m inclined to do it except there’s a couple of questions that keep my postponing my decision. Should I make my son’s friend a co-owner until he has paid it in full, and will I be responsible if the co-owner drives the car without insurance?
Charlie
Albuquerque, NM
To answer your first question, Charlie, I suggest you list your son’s friend as a co-owner of your old car once your decision to sell on installment is final. When the car is in his hands and he’s a co-owner, he’ll exert extra effort to drive it safely and responsibly in Albuquerque New Mexico NM because he knows that when he gets involved in a traffic accident, he can face a lawsuit just as easily as you do since you are both owners for all intents and purposes.
Now let’s tackle your second question. Hopefully your son’s friend won’t try anything unwise such as driving without getting a car insurance policy in Albuquerque New Mexico NM, if only because of his friendship with your son, which is also why you more readily agreed to sell your car to him on installment. Still what you fear isn’t exactly a remote possibility. You may not be responsible for his personal act of driving without insurance, but it can cause you financial headache if he’s caught and you don’t provide a safety net. Consider listing him on your auto insurance policy as a driver.
On this page there’s a form where you can enter your zip code and click your way into links that provide information on comparative auto insurance rates in Albuquerque New Mexico NM.
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