Person 1 Leases a vehicle surrounded by their label alone for Person 2. Person 2 is the simply driver. Insurance...?
Can Person 2 take out a policy covering them and the car they are driving for the lease? The lone name on the lease is Person 1 but they never ever will drive it. Does the signer have to be on the insurance policy?
Answers:
Nope. Person 2 doesn't own any insurable interest in the car. Plus, it won't slake the leasing company, if person #1 has no insurance.
Yes, the signer have to be the NAMED INSURED on the policy. Then if you want to, you can EXCLUDE them from coverage, but, in many cases, that also will violate the lease agreement.
The leasing company has a contract near Person 1. Part of the contract authorizes and obligates Person 1 to obtain an automobile insurance policy that must own certain coverages with correct maximum deductibles and which show the leasing company as the Lessor and Person 1 as Lessee. Person 1 cannot transfer this obligation to Person 2 as Person 2 is not a gala to the contract. If Person 2 fails to take out the proper policy Person 1 is completely on the hook should a claim be denied or should the leasing company founder to get paid.
If you sign the lease you are responsible for the coup¨¦ and anyone who drives it. Most likely you are leasing the car for someone who can't because they are an unsafe driver, hold poor credit, or some other reason. In the end you'll procure screwed for damages or costs related to the lease. The only time I could see this working is if it is an member of staff situation and in that case you call for to do your due diligence and accept responsibility if anything were to transpire but you are receiving the benefit of having that member of staff operate your business. Don't do it unless you're prepared to face the consequences.
This really depends on the lease agreement you signed, read the fine print or ring the lease company and ask, they will need proof it is insured for sure, but if they care something like your name on it is up to them.
Related Questions:
Answers:
Nope. Person 2 doesn't own any insurable interest in the car. Plus, it won't slake the leasing company, if person #1 has no insurance.
Yes, the signer have to be the NAMED INSURED on the policy. Then if you want to, you can EXCLUDE them from coverage, but, in many cases, that also will violate the lease agreement.
The leasing company has a contract near Person 1. Part of the contract authorizes and obligates Person 1 to obtain an automobile insurance policy that must own certain coverages with correct maximum deductibles and which show the leasing company as the Lessor and Person 1 as Lessee. Person 1 cannot transfer this obligation to Person 2 as Person 2 is not a gala to the contract. If Person 2 fails to take out the proper policy Person 1 is completely on the hook should a claim be denied or should the leasing company founder to get paid.
If you sign the lease you are responsible for the coup¨¦ and anyone who drives it. Most likely you are leasing the car for someone who can't because they are an unsafe driver, hold poor credit, or some other reason. In the end you'll procure screwed for damages or costs related to the lease. The only time I could see this working is if it is an member of staff situation and in that case you call for to do your due diligence and accept responsibility if anything were to transpire but you are receiving the benefit of having that member of staff operate your business. Don't do it unless you're prepared to face the consequences.
This really depends on the lease agreement you signed, read the fine print or ring the lease company and ask, they will need proof it is insured for sure, but if they care something like your name on it is up to them.
Related Questions: