To stay in your insurance company’s good graces, you may think that all you need to do is pay your insurance premiums on time. But that is not the case. An insurance policy is a contract, which means that you have to pay your premiums and adhere to the insurance company’s rules. Atlanta Personal Injury Law Group – Gore LLC’s blog series “10 Horrible Insurance Decisions That Make Auto Accidents Even Worse,” concludes with a look one more common situation and bad decision that can ruin your insurance coverage.
#10 You sold your vehicle, but you’re still carrying the title and insurance
It is not a good idea to keep your name and insurance on a vehicle that is in another person’s possession. If you are still the owner of that vehicle (because your name is still on the title) you could still be liable for any incidents that happen when the buyer is driving the vehicle. Also, if the buyer is in a collision, your insurance may not cover any claims; insurance policies typically only cover vehicles and drivers of your household. To remedy this situation, you should sign the title over to the buyer and he or she can purchase their own insurance policy when they register the vehicle.
If you, or someone you know, has been injured in an accident and needs help with their personal injury case, call Atlanta Personal Injury Law Group – Gore LLC at (404) 436-1529. To read our other installments of “10 Horrible Insurance Decisions That Can Make Auto Accidents Even Worse,” visit our Injury Blog page.