Monday, July 4, 2011

Insuring other person's car

You can insure the vehicle registered  or owned by someone else. It is allowed by law. Common scenario is when one of parents allow their child who have valid driving license to drive car owned by parent. But ask him or her to insure that car. Means car is owned by dad or mom and insured on son or daughter's name. Compensation of insurance claim can only be received by lawful owner of the property or any agent designated by the owner. If you are insuring other person's property the list all the drivers who are expected to drive the car for liability purpose only list owner for property interest. For insuring another persons property you should have an insurable interest in property, without having insurable interest in property of someone else it is illegal to insure other persons property and car.

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