That would mean your "Un-Insured". also known as "Failure to provide required Financial Responsibility".
The owner of a vehicle can be held equally liable with the driver in the event of an accidental loss. The owner can still be sued even if they are not in the vehicle at the time of an accident.
Just like if your dog bites someone and your not around when it happens. You can still be held liable because it's your dog. Well, If your car injures someone and your not around, You can still be sued jointly and separately along with the driver for any injury or damage.
The Finance company wouldn't like it either, They may Repo it. If the financed party is excluded from the policy then that person has defaulted on the finance note. They are uninsured and no coverage would be offered to cover the excluded drivers losses and obligations to the finance company. This is a violation of the finance contract.
Auto Insurance is "Not" for the "Car", Auto Insurance is to protect "People" from losses that may arise from ownership or operation of a motor vehicle.
It's not a good idea to exclude party's with liability interests from the policy
By excluding a person from an auto insurance policy, you are stating that the "excluded" person will not drive the insured vehicle, and that you understand that the "excluded" person is not covered by your insurance in the case of any traffic violation (accident, ticket, etc.). It means there is no coverage available to the excluded person in the case of an accident while driving the said vehicle. There will be NO COVERAGE.
The cosigner on an automobile loan is not the person who has to pay for insurance on the vehicle. The registered owner should pay the fees for insurance. However, it is the cosigner's responsibility to make sure the registered owner is carrying insurance for the vehicle.
What do you mean hold them liable. If you gave them permission to drive your vehicle and you had excluded them on your policy, the insurance company will not pay any part of the claim. More than likely you, as owner of the vehicle will be the primary target. If the accident involves another car you will be primarily responsible for their damages and injuries as well as the damage to your vehicle. You can try to implicate the driver but it is your vehicle, your insurance and exclusion that you signed, and you gave this person permission to drive your vehicle, knowing what you do about them.
Having a person on your car insurance listed as an excluded driver can actually save money rather than cost more. The excluded driver will need no coverage or liability when it comes to the vehicle they are listed for.
The insurance policy should be in the name of the registered owner of the car.It is not necessary that he should have a licence.The person who is driving the vehicle should have a valid driving licence.
This can probably vary from state to state. I was able to add a car registered in my bosses name on my insurance, but he had to listed as another driver. Sometimes the registered person will have to be added to your insurance policy. It may also vary by insurance carrier. your best solution is to call your insurance company and ask them their policy on this or when callin to get insurance quotes - ask.
Nonrated: Person is covered if they drive the vehicle(s), but generally not affecting the premium. (Usually this means they are a licensed household member, but they have their own separate vehicle and insurance policy) Excluded: Person is generally not covered if they drives the vehicle(s) on the policy and there is also no premium being charged for them. this is not offered by every company. Rated: Person is covered and they may affect the premium.
The insurance company is not going to force anyone to pay for damages to a car. The person that was driving the car and or the owner of that car that caused the accident is liable for the damages to the other vehicles involved in the accident. If there is insurance coverage for that damage then the insurance company will pay. However if the driver of the at fault vehicle is excluded from the insurance policy then the insurance company may be relieved from it's responsibility to pay on behalf of the owner of the vehicle.
Technically yes and no. While they can't actually add the driver, they can rate the insurance coverage as if that person would be driving a vehicle. For example, if you had a child who had just gotten their license, and you named them as an excluded driver of your vehicle, yet they somehow managed to get into a small wreck and have to file a claim, your insurance carrier would likely deny the claim on the basis that the driver was excluded, as well as rate your policy as if they were going to be driving the vehicle, without actually adding them. Moral of the story... don't lie to your insurance company.
The short answer is that the person who is on the policy, must have a financial interest in the vehicle.
No lovey not if your the one at fault... Insurance only covers the other person if your at fault sorry honey..... It depends on what insurance coverage you have. The liability coverage that all states require you to carry on any registered vehicle will cover the other person's damage. If you also purchased collision insurance, that will pay for your vehicle (less the deductable).
When ever a driver is excluded on a policy, the insurance company will not pay out on any claims when that person is driving. Hes excluded, he has absolutely no coverage with your insurance. If he has his own policy with a different company, he will be covered. So in general when a driver is excluded, their is no insurance coverage. Its like he was driving without insurance.