Insurable interests | What is it?

by Mo

If I paid for a vehicle under my brothers name and he paid me in cash monthly with a signed contract between us.

And the vehicle is now in his name and registered to him. Can i put my name as policyholder and my brother as named driver?


Answer:


If i paid for a vehicle under my brothers name and he paid me in cash monthly with a signed contract between us. And the vehicle is now in his name and registered to him. Can i put my name as policyholder and my brother as named driver?

Well, you have to have a very clear contract of how this vehicle is owned by you. Basically, where do you retain any insurable interest at all.

If the vehicle is on his name, you can have problems. You must show that your vehicle is in some way a collateral to you retained. If you do not retain the collateral with the car specifically, the insurance company can argue that your interest is on something else and not the car. Be very specific on the contract on the fact that you retain rights over the vehicle.

The contract is what will become very key on this situation.

To read more about insurable interest, visit:

http://www.auto-insurance-claim-advice.com/Insurable-Interest.html

http://www.auto-insurance-claim-advice.com