Legal Question in Personal Injury in Louisiana
When cosigning a car loan for my 25 year old son and he lets the insurance cancel if he has an accident will I be resposible for any damages to his or the other parties damages
1 Answer from Attorneys
Not unless you are also listed as an OWNER of the car. You can co-sign a loan and be responsible for the loan, but not be an owner of the car. The owner and driver would be responsible for any injuries and property damage. Look at the title and registration to see if you are listed as an owner.
You should be aware, though, that if the car has no insurance and he wrecks it, you will still be responsible to pay off his car and there will be no insurance to pay the car off for you. Failure to have insurance on the car is also a violation of your loan agreement and it is illegal. If he refuses to insure the car, I would consider having it repossessed. You are way out on a limb if he has no insurance.