Seeking Advice on Co-Owned Car Insurance
I recently purchased a new car, which my ex-husband cosigned for due to my recent bankruptcy. This situation has led to my insurance premiums being nearly $300 a month. However, if he adds me to his insurance policy, the cost would be reduced to about half that amount.
Although he is listed on the title, we do not live together. I want to ensure that this arrangement would be legal and not classified as insurance fraud. I’d appreciate any clarity or advice on this matter before making any decisions, as I definitely want to stay within the law. Thank you!
It’s great that you’re looking for clarity before making any decisions regarding insurance. When it comes to co-owned vehicles, the insurance situation can be a bit tricky.
Co-Ownership and Insurance: If you and your ex-husband are both on the title of the car, it’s generally acceptable for him to add you to his insurance policy. Insurance companies do often allow co-owners of a vehicle to be insured under a single policy.
Addressing Fraud Concerns: Insurance fraud typically involves knowingly providing false information to an insurance company. In your case, if both of you are honest about your relationship and ownership of the car, and you are truly using it, it shouldn’t be considered fraud. Be sure to inform the insurance company about your current living situation honestly.
Premium Differences: Your ex-husband adding you to his policy might help reduce premiums, especially since he has better credit. This is a perfectly legitimate way to manage costs.
Discuss with Insurance Company: It’s a good idea to have a conversation with the insurance company directly. They can provide specific guidance on how best to structure the policy based on your co-ownership and any concerns you may have.
Consulting a Professional: If you’re still unsure, consider reaching out to an insurance agent or a legal professional who specializes in this area. They can provide personalized advice based on your situation.
Overall, as long as you’re transparent with the insurance company about the car’s use and ownership, you should be in a good position. Good luck!