If a vehicle is in 2 peoples name, how does it have to be insured?

Question

Me and my ex purchased a truck a year ago and I was told that the insurance had to be in my name since I was the main buyer. Is this true and if not then what are my options?

Answer 1

This is going to depend on what state you live in. In Georgia, two people may purchase a car together, but whoever is listed first on the loan gets listed first on the title. Whoever gets listed first on the title is the one that has to purchase the insurance policy.

There may be different rules where you are.

Answer 2

Who is telling you this?  What is their knowledge of insurance policies?    There is no way to prove you are the main "buyer", BUT you may be the main DRIVER(in that case, it is only logical that the insurance is in your name as the ex. may never get a chance to drive even if he wasn't your ex, right?).   If you are not the main driver, you do not have to insure it(ex does with the note that you will be driving it).      Really, this is a situation you should sit in front of an insurance agent and go over.    It may be a matter of co-signing..as you both own the truck.   Better safe than screwed by the insurance company later.

Answer 3

The name on the title, as it is written, needs to match the name on the registration, and the name on the insurance policy.

Your options are limited.  You'll have to pay the car off, and hope your ex will sign off on the title, to sign the car entirely over to you.  If they won't go for it, well, you'll never be able to sell your car.

Answer 4

It would depend on your state as suggested above.  But,

You also want to consider your liability.  If your name is on the title then you want your name listed on the insurance somewhere.  If your x gets drunk, drives the truck and kills or injures someone, since you own the truck you could be held liable, when lawyers sue they look for money where ever they can get it.   So, unless you have an umbrella policy on yourself I would advise getting your name on the insurance, either as an additional insurered or an interest.  You really need to talk to an insurance agent in your area to see how the state laws will affect you.  But since you are technically an owner of the truck you need to cover yourself.  

Answer 5

you BOTH need to be named insureds on the policy if BOTH of you own the car.

If only your name is on the title, you can insure it in only your name, and the same if he is the only one on the title.