Auto Insurance Claims: Co-signing loan and auto liability, umbrella policy, omissions insurance

Question
I recently helped out a friend by co-signing for a car loan.  I took her to meet with my insurance agent (we now have the same insurance company) and he indicated that there was no need for my name to appear on her policy as an additional driver or anything else (I probably won't be driving her car).  He said, however, that my friend's auto policy would protect our assets in the event she had an accident. Our agent also said that my family's umbrella policy would cover our liability on the new car, even though the new car is not listed in the umbrella policy.  Are we getting the correct information from our agent?
Kathryn

Answer
Hi Kathryn,

Different states have different laws and regulation on how these things work, however, the forst rule of insurance claims is "if it's not in writing, it never happened". So I would subbest that you have this agent to put all of this in writing, on his letterhead, with his signature. Also ask him if he has Errors & Omissions insurance. That way if he is wrong and the insurance companies refuse to pay you can sue the agent.

I hope this helps
Richard Hixenbaugh