A friend, family member, or your child wants to finance their first car. The only problem they’re having is an inability to qualify for a loan without a co-signer. Your credit score is more than sufficient to help them out with their problem, but you’re wondering whether you need to be on your son’s auto insurance policy when you co-sign for the car.

The main factor in whether or not you should be listed on insurance or not is whether you are considered a co-signer or a co-borrower. A co-signer is simply responsible for financial matters related to the loan. If your son fails to meet his payment obligations on the auto loan, then your co-singing makes you financially responsible for the loan. It affects both your credit and your son’s.

Some financing companies require you to be listed as a co-borrower and co-owner on the loan. When you are a co-owner, you are placed on the car’s title. Because you are listed on the car’s title, you may be held legally responsible in the event of an accident. The way to cover your liability in the event of an accident is to get listed as an additional driver on your son’s car insurance.

Another factor to consider when co-signing on a loan is whether you are prepared to take financial responsibility if your son can’t meet his payment obligations. If this occurs, you either have to make the payments yourself, or receive a negative mark on your credit report. This has a long term impact on your own ability to get financing.

Auto insurance increases in a variety of different situations, but the rate may or may not increase if a windshield is broken in Hope Mills, NC, depending on the reason that it was damaged and the specific details of your policy.

The Situation

Damaged windshields from an accident, attempted theft or vandalism that is covered under your policy may result in a slightly higher premium after you make a claim. Depending on the amount of damage beyond the windshield, the specific impact on your premium may vary.

Although certain situations may increase your rate, it is possible that it will not have a dramatic impact on your current payments. For example, if a hail storm causes the windshield to break or scratch, then it might not impact your coverage or your premium. The situation and your specific policy will determine if your rate will be impacted by the damages.

Policies and Variations

Every insurer has a different policy and method of determining if a situation will result in an increased rate on your current policy. Depending on the details that are described in your policy, you may or may not see an impact on your auto insurance rate.

Review your current policy to determine if you are protected and how it may impact your current rate. Some insurers offer accident forgiveness or similar forgiveness programs so that your premium will not increase if it is the first time you are making a claim.

Auto insurance can seem complicated when an accident occurs, but in many cases the impact on your current insurance rate is limited. Depending on your policy, it may not have any impact if you make a claim to replace your windshield. Contact us to talk to an independent agent to learn more about premiums and insurance rates.

If you own your cars and have a lot of money wrapped up in them, you may want to take care to avoid damanging them unnecessarily. There are some owners that only want to drive in the summer so they do not risk damaging their automobile during the cold months. If you live in the Hope Mills, NC area and this sounds appealing to you then here are some things that you will want to know:

• If you do not drive your car throughout the entire year, then there is a good chance you are paying for benefits that you do not need. You can suspend your liability coverage on your policy while your car is in storage.
• To take advantage of this option you will want to contact your company and request that the liability be suspended. You will need to provide them with proof that the car is in storage for the winter to avoid paying for the coverage limits.
• If you need to add coverage limits to your policy, then all you have to do is call your agent and ask for the benefits to be added to the policy
• Any time that you need to hold back on a certain benefit, then all you need to do is ask for a suspension of benefits until you need the coverage reactivated.

There are things about your auto insurance that most people do not know about. An Independent agent can help answer any questions that you may have about your policy. As your agent, we can help you understand your policy so you can make it work for you.

There are no auto insurance policies in Hope Mills, NC that guarantee auto insurance for a life time. There are many factors that must be considered each time an auto policy is renewed. Drivers who are careful and do not have tickets or accidents will be able to keep their policy for a long time. In contrast drivers who have several accidents or have several tickets could have their policy canceled at any time.

At Cross Creek we can help drivers in Hope Mills, NC find an auto insurance policy that will meet all of their needs. Depending on your driving record, you may be eligible for discounts and you will want to shop around for the best deal on car insurance. Even if you have a perfect driving record, you cannot purchase a policy that is guaranteed for a lifetime. But you may be able to find a policy that will provide you all of the coverage you need for your vehicle. As long as you pay your premiums on time and do not make a lot of claims on the car insurance plan, you may be able to stay with company for a long time.

Anytime you are purchasing auto insurance, you need to consider the price of the policy for the amount of coverage. A knowledgeable independent agent can help you find a plan that will take care of your vehicle, personal property, and liability. It is easier to compare quotes when you speak with an agent who can look at several different companies and find the plan that meets your unique needs. Call Cross Creek today to speak your independent agent.

Having a drivers license is a great adventure and a desire of every teenager around. When they first turn that magical age of 16 and start taking driver’s education classes, they begin to realize the responsibility that comes with a license. If you have a teen that is getting their learners permit, then you may be wondering if they need to be on the policy in Hope Mills, NC.

If your teenage driver has just got their permit and they do not have their driver’s license yet then they do not need to be on the policy. That said, anyone with a driver’s license that lives in your home and does not have insurance will have to be on your policy until they get their own insurance.

At Cross Creek we are able to help you answer these and other questions related to your auto policy and want to make sure you have all the coverage you need. Contact us today to learn more.