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Reload this Page Cosigner on vehicle in an accident




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Old 11-01-2001, 08:23 PM
Mary G
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Cosigner on vehicle in an accident

We cosigned on our adult childrens vehicle so they could get a loan. But they let their liability insurance lapse without our knowledge. We received a notice from a collection agency for over $100,000 in damages that the other party's insurance company paid out thru her uninsured motorist coverage. Are we liable? We thought we were only signing for responsability for paying for the loan in case of default?? Please help!!
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Old 11-02-2001, 12:10 PM
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If you are listed on the registration as a registered owner, you can be held liable. If not, tell the insurance company to pack sand.
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