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co owner for car insurance .
alfiemurphy
Posts: 17 Forumite
Been asked to be co-owner of car so that my 21 year old niece can get insurance more cheaply on a new car .
Her parents have bad credit history .
Is this the same as being guarantor for payment of car .
Would I be held liable for car payments if she doesn't pay or am I just liable for car insurance payments if she doesn't pay .Just over 1 thousand pounds annually but she is paying this up front with cash .
Advice would be appreciated .
Her parents have bad credit history .
Is this the same as being guarantor for payment of car .
Would I be held liable for car payments if she doesn't pay or am I just liable for car insurance payments if she doesn't pay .Just over 1 thousand pounds annually but she is paying this up front with cash .
Advice would be appreciated .
0
Comments
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Being a co owner won't change her car insurance.
Are you sure she isn't asking to be the main driver - ie fronting? If so, run away as fast as you can.0 -
You can't be 'co-owner' of a car....are you sure thats the term used? Sounds like they want you on the insurance policy either as main or named driver?0
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