Can I get insurance for an R-title (salvage title) vehicle?
I'm thinking of purchasing an R-title vehicle from a friend. This is someone I know and trust; and I've personally inspected the car thoroughly. He bought it from a dealer specializing in R-title cars. The car was in a minor flood, but did not require much work according to the dealer. The car has no apparent rust, runs fine, etc. The car is worth under $5k, so I'd only want to carry liability insurance on it, no comprehensive or collision. Am I going to have a hard time getting insurance on this car? Our insurer is Nationwide; I've been a customer of theirs for 20 years, and have many vehicles insured with them. (I'm not sure if my history with the company will make a difference). Any advice is appreciated.
Can I insure a Car under My Insurance if I am not on the title?
No. Her name is on the title - that means she is the legal owner of the car. You have no ownership in the car. Therefore, you have to put the insurance policy in her name and list you as the driver. You do realize -- that since your name is not on the title -- and you have no legal ownership of the car-- that if she wanted to take it away from you at any time - she can. Legally -it is her property and you have no claim of ownership.
Why does a seller need to have a title insurance?
Daniel Saad’s answer is right on the money. A seller doesn’t NEED to have it, but it certainly goes a long way toward assuring a prospective buyer that he dotted all his i’s and crossed all his t’s. Many attorneys will give buyers a discount on the examination of title if the seller purchased title insurance, because they can then apply to the same title company for insurance for the buyer and only have to update the examination from the time the seller bought the property. As Mr. Saad said, I am not an attorney, and am giving you my opinion from my experience as a title insurance company owner, and this does not constitute legal advice.
How often do home owners make a claim on a title insurance policy? If a home is more than 10 years old, in a subdivision, how much risk is there a claim? I paid cash for my house.
I think you’re confused about what title insurance is. What you paid for was a company to search through property records to determine whether there were any unpaid/unmet claims against the property. The company found that the title was “clean”/clear. No claims against the property/title were found, and the company issued you a “title insurance policy” that nobody could make a claim against your ownership of the property for any action occurring before your purchase of that property, or the company would be responsible for correcting that error of theirs and clearing your title.Any liens placed against the house after you took title (bought the house, recorded the deed) would be against your debts/actions.So, debts/liens against the property from prior to your purchase are non-existent. Liens against the property due to debts that you incurred are not covered by that “title insurance”, they are your responsibility. (well, it’s possible that a lien was erroneously placed against your property, but that isn’t very common). In other words, that title insurance does not protect you from the consequences of your actions.
Can I have a car in my name under my parents insurance?
The answer to the question is dependent on the State in which you live and your parents Auto Insurance company's guidelines.Purchasing and insuring a vehicle involves three basic steps:Title - Document showing the owner's name of the vehicle.Proof of Insurance - Normally in the name of the owner, but in some situations does not need to be exactly the same.Registration - Shows to whom the cars is registered for the purpose of obtaining license plates.There can be numerous scenarios with regard to what is acceptable - or - not acceptable with the: Insurance Company - Companies have underwriting guidelines that are tied to how an insurance policy is written, insurable interest in the vehicle and what they consider generally acceptable. In this scenario, it is your parents policy that is in question and at risk. Their best interest and standing with the insurance company should be a major consideration.DMV - The State Department of Motor Vehicles will have specific rules governed by statutes regarding how a vehicle can be Titled, Insured and Registered. It would be best for you and your parents, to contact your local auto insurance agent and/or your state's DMV[1][2]to determine the best configuration of the three documents above, prior to purchasing a vehicle.Best Regards.Footnotes[1] State DMV List, vehicle registration list, driver license list, dmv locations, forms, and publications[2] DMV.org: The DMV Made Simple
In PA,can you get a car title transferred without insurance?
I live in Western Pennsylvania,and this week I'm going to take my test for my learners permit. I'm 25 years old,and have never possessed a drivers license in the past. Im purchasing a car from a personal acquaintance,and am trying to get all my information together so that I know what needs done on the day I receive the car. I made a phone call today and asked what I need to get the title transferred,and the woman told me I would need to show proof of insurance,among other things. However,I can't get insured with only a learners permit. I already spoke with an insurance agent and she said I would have to include a licensed driver on my policy,or wait to purchase insurance after I get my license. So if I can't do one without the other,what do I do? It really wouldnt be convineint to have somebody else on my policy. Nobody lives with me except for my two children,so it would seem strange to even try to add someone to a policy that doesnt even live with me. I need the title transferred as soon as possible after I get the car,because the girl im buying off of is moving out of state in 2 weeks.
How do you get a clean title for a car?
Car title loans are the easiest and convenient way to get cash using car title and they are designed in such a way that almost everyone can get a loan using their vehicle's title and they will be able to receive cash the same day. The size of car title loan depends on the amount of cash you need, your vehicle's value and your ability to repay. The benefits of taking car title loans includes quick and easy approval process, friendly customer service, you get to keep driving your car, convenient payments options, cash in very less time and all makes and models accepted. If you want a car title loan, you will give the lender the title to your vehicle. You will also have to pay the lender a fee to borrow the money. Car title loans can be very expensive but if you cannot repay the money you owe, the lender can take your vehicle. When you are in need of auto title loans, online applications are the best way which makes the process faster and easier. To know more about car title loans in San Diego you can visit this website.
Do attorneys get a kickback from the title search and insurance company during a home purchase?
In Massachusetts, some real estate attorneys do “sell” title insurance. Closing fees have been cut to the bone for many and this is really the only way many can do RE closings profitably.the attorneys I know who do this disclose to clients what the insurance does and that they will get paid on that. I bought the title insurance on my buyer’s side (lender requires buyer pay for it on their side) and I was fully aware the attorney is compensated.I’m not sure how it works in other states but that’s how it works here. If you’re in MA and super curious send me a message and perhaps I can ask my attorneys how this works exactly.thanks for asking.
I can get a title for a car in my name if im underage?
im susposed to b getting a car off a friend soon and im only 16 bt ie been told b some people that i cant put the title to the car in my name cuz im under aged and ive beentold by other people that i can so idk...and im 16 years old. so can someone please tell me which is it and i do not want to have the title signed to anyone i my family including my parents cuz my whole family is kinda not trustworthy..thanks everyone...