by Guest » Sat Jan 26, 2008 02:17 am
My parents have a small motorhome that they maintain storage insurance on and activate driving insurance when they use it...which is infrequently. Now they are in a position where they could receive better medicaid benefits if they didn't own two vehicles and they want to sign the title of the motorhome over to me. My question is, can they continue to pay for the insurance on it or am I required to get a policy on it in my name since the title will be in my name?
Posted: Sat Jan 26, 2008 04:05 am Post Subject:
The owner of the vehicle _should_ have coverage as an insured under the policy as the owner usually has an exposure for the use of the vehicle (this depends on the state where the accident happens). With that being said, either party could obtain the insurance policy but again, the owner should be listed.
(yes, all parties _do_ have an "insurable interest" in this situation)
Posted: Sat Jan 26, 2008 05:37 pm Post Subject:
I see...thank you very much :)
Posted: Mon Jan 28, 2008 06:28 am Post Subject:
My question is, can they continue to pay for the insurance on it or am I required to get a policy on it in my name since the title will be in my name?
Yes, they can, though it may act on your benefit to maintain the policy on your name as you'll remain the primary title holder of the car. If you already have an auto insurance policy, you can then add this vehicle to it in order to avail the benefits of the 'multiple car discounts'.
magiccube
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