Car insurance Question?? (Texas)

Question

I'm selling my vehical (which still has a lein) to a co-worker. He is going to pay the remainder of the lein, until it is paid off. We have everything signed and legal as far as payment plans. The question is, can I drop MY full coverage insurance, as long as he has proof of full coverage insurance on the vehical??? The vehical is in my name, so I don't know if he can insure it (even though it's in his possession). Thanks.

Answer 1

You can get "property style" (name is escaping me at the moment) insurance.

Basically for stolen or damaged. But that's not mandatory. Other than bankruptcy, his payments are still due regardless what might happen.

Otherwise, he's driving, his responsibility.

Answer 2

yea drop all your coverage! 1. The company with the lein will probably never know. 2. It aint your problem if something happens cause you wont be driving it right?

Answer 3

Have you talked to the bank that holds your lien about this ?   I don't think they will allow this "take over payments" scheme.   If the car will remain in your name then you must have insurance on the vehicle.    If I'm understanding you correctly, what you are doing is not wise.  If you want to sell your car, just sell it and let the new owner get his own financing and insurance.  spell check

Answer 4

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