Car Insurance Rates Chicago Illinois IL

Reader’s Question:

Every now and then I drive my girlfriend’s car here in Chicago Illinois IL. I wonder if I can insure her car.

Steve

Chicago, IL

One basic insurance principle is “insurable interest”. When someone suffers financial loss if a piece of property like a car figures in an event that brings total or partial damage on it, he or she can be considered as having insurable interest on that property.

Your girlfriend in Chicago Illinois IL, as legal owner of the car, obviously has insurable interest on the vehicle and can obtain an auto insurance policy on it anytime.

I think your best move, Steve, before deciding on insuring your girlfriend’s car would be to discuss the matter with an auto insurance professional in Chicago Illinois IL.

You may be considered as having insurable interest on her car if you have her authorization to insure it. Otherwise, you can’t insure it.

Keep in mind though, that in the event a loss covered in the auto insurance policy occurs, only your girlfriend or a duly designated agent (if she has one) can rightfully be compensated for the car.

In order to avoid an issue, consider buying an auto insurance policy for liability only. On this page you can find a form which will link you to information about comparative auto insurance policy rates when you fill it in.

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