If I Co- Sign For an Auto Loan Am I Responsible For Accidents?
Reader’s Question:
I co-sign for a car loan in Idaho however the primary on the car loan does not have auto insurance. I am just worried that if in case of an accident, will I be held liable for anything?
Jeremy
Nampa, ID
If you co-sign on a car loan in Nampa, Idaho then it is likely that you could be held liable if in case there was an accident and the car was not properly insured. You are partly responsible as the co-signer, for those who use or operates the automobile and what happens while they are operating the vehicle.
Normally the the lien holder or the financial institution on the car will require you to have collision and comprehensive coverage above the state’s mandatory liability auto insurance. In this manner their asset which is the automobile is protected. If the automobile insurance lapses or cancelled on the automobile they might decide to take out auto insurance on the car themselves and add the cost, which will be higher, to the car loan.
It would be best to verify if the vehicle you co-signed is insured to make sure anyone who drives the car or the vehicle itself is fully protected.
What Is The Penalty For Driving Without Car Insurance in Idaho?
Reader’s Question:
What do you think the penalty for a second ticket for driving without insurance insurance ticket in the state of Idaho? Am I going to Jail?
Rick
Nampa, ID
The Idaho driver’s manual states that if you violate ID insurance laws, you will, for the first violation, be required to provide proof of financial responsibility for a year. If you commit a second violation in a 5-year period, you will be required to provide proof of financial responsibility for 3 years. The acceptable form of proof of financial responsibility is a certified statement of liability auto insurance coverage from your insurance company which is an SR-22 certificate.
The state of Idaho laws states that driving without car insurance is an infraction punishable by a fine of $75.00 for any individual to violate the provisions of this section for the first time. A second and any subsequent conviction for a violation within a period of 5 years shall be a misdemeanor, punishable by a fine not exceeding $1,000, or by jail time in the county jail not exceeding 6 months, or both.
As you can see a fine and possibly jail time for driving without insurance in Nampa Idaho. I sure hope you do not see jail time, as that seems extreme for your case
