Can you have two different insurance policies on one car?

Question

I am buying a car from my friend and I will have it paid off in August and the insurance will be in his name til August but I want to know if I can go ahead and get insurance in my name on the car in July while insurance is still goin to be on the car in his name as well. Is this possible?

Answer 1

Only if the car is in your name.

You can't insure a car if it (or the loan on it) is not in your name.

Answer 2

Yes, you can both cover the car, but it's a waste of money to do so. Your insurance should begin on the last day that the car will be covered under his policy so that there is no lapse in coverage.

Answer 3

OK, the first question, can one person have two policies on the same car.   Yes.  And if there's a claim, the two policies SHARE how much gets paid out.  They don't "stack" on top of each other.

The second question, Can you insure a car you don't own.   Technically, no.  I cannot insure your car, I have no insurable interest.  You cannot insure the friend's car.  If the insurance company finds out, they don't have to pay the claim.  But you can't get plates on someone else's car, either.  The name on the title, plates, and insurance all have to match.  He can just keep the insurance on his car, while it's his car, and add you as a listed operator.

Lastly, you haven't bought the car, until he's signed the title over to you.  Even if you're making all these payments, if he drops dead before he signs the car over to you, the car is now owned by his next of kin, and you're SOL on those payments.  It's a very dangerous thing to do.