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10 Horrible Insurance Decisions That Make Accidents Even Worse: #4 You Sold Your Vehicle to Your Child, But Still Carry The Insurance On It

10 Horrible Insurance Decisions That Make Accidents Even Worse: #4 You Sold Your Vehicle to Your Child, But Still Carry The Insurance On It

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’s blog series “10 Horrible Insurance Decisions That Make Auto Accidents Even Worse,” continues with a look at common situations and bad decisions that can ruin your insurance coverage.

#3 You Sold Your Vehicle To Your Child, But Still Carry The Insurance On It

A general rule with auto insurance is that to insure a vehicle, you need an “insurable interest” in it. That can be the vehicle’s owner, co-signer, or lienholder – anyone who would be financially affected if something happened to the vehicle. If you sold your vehicle to your son or daughter, that means you no longer own the vehicle, and no longer have an insurable interest. Your child needs to purchase his or her own auto insurance for it. (If they are a minor, you may still have to be on their insurance policy).

If you do not tell your insurance company about the change in ownership and your child crashes the vehicle, the insurance company could deny any claims. The insurance company could even accuse you of insurance fraud and cancel your policy altogether.

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 at (404) 436-1529. Stay tuned for our next installment of “10 Horrible Insurance Decisions That Can Make Auto Accidents Even Worse.”

Jennifer Gore-Cuthbert - Owner & Attorney

Attorney Jennifer Gore-Cuthbert was seriously injured in a collision and experienced firsthand dealing with uncooperative insurance companies. She knows what it is like to feel overwhelmed and under-educated about your rights after a collision. That is why she has dedicated this firm to fighting for accident victims and their loved ones. The goal of The Atlanta Personal Injury Law Group – Gore LLC is to provide you with excellent legal advice, based on our experience in representing injured automobile drivers and passengers from all across the State of Georgia.

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