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Question

Car insurance when I own the vehicle someone else drives

I bought a car for an employee and he’ll be making the monthly payments. Can he still get his own insurance policy, even with the car’s title under my name?

Agent Answer

Taylor Covington

Yes, he can! 

In this instance, you are basically acting as the bank. We recommend for him to get a full coverage plan and list you as an additional interest on the vehicle. This way, if the employee gets in an accident, the funding can go to you to pay off what he owes you. This is exactly what banks do to protect their investment. If you are okay with him not having full coverage, he can still get insurance but the company will likely just require you to be an added or excluded driver on it. You can find quotes for both right here with The Zebra.

For more information, see our additional articles here:

Car insurance for a financed vehicle
Best full coverage car insurance

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