What is considered an “owned auto” regarding an auto insurance policy?
Question by j r: What is considered an “owned auto” regarding an auto insurance policy?
What constitutes an owned auto, does the vehicle have to be registered to you to be considered an owned auto? Will an insurance company cover a vehicle that is no longer owned by you?
Best answer:
Answer by drive_55_not
It’s going to depend on your insurance as to whether they’ll cover the vehicle or not, however Why would you insure a vehicle that you don’t own? Unless it’s one of your children and even then if they aren’t living in the same household it could cause you some serious grief if something happens,
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Tags: Auto Insurance Policy, Owned Auto
The definition is in the defintion section of your policy.
The standard policy, says an owned auto is any vehicle owned or long term leased by you or your spouse.
Keep in mind, any exclusion for owned autos under your policy (that are not listed vehicles) also appy to any autos regularly available for your use, or are owned by household members.
Once you no longer own the vehicle, you no longer have an “insurable interest” in that vehicle – just like my insurance policy won’t cover your car, your insurance policy won’t cover a car you do not own or lease.
Simple, an owned auto is an auto that the named insured owns. If you do not own it they will not cover it.
Let me guess, you sold your vehicle to a friend/relative and you think that because you paid your insurance for the month that the vehicle is covered for them? Or vice/versa you bought it and the person who sold it to you said that the insurance is still good? If you do this you are lying. They may cover you (or they may not) but just do it properly and stop trying to buck the system.