Which individual would NOT have an insurable interest in a vehicle?

An insurable interest in a vehicle refers to a person's financial or legal stake in the vehicle, meaning they would endure a financial loss if the vehicle were damaged or lost.

In the case of an underage driver who lives in the household, they typically do not hold an insurable interest in the vehicle unless they are legally recognized as the owner or are on the title of the vehicle. Their status as underage often means they cannot enter into contracts, including insurance contracts, and thus lack an independent insurable interest. Households may have shared interests, but this specific individual would not be recognized as having an insurable interest in the context of determining liability and coverage for insurance purposes.

In contrast, a lien holder has a direct financial interest in a vehicle as they hold a stake in the collateral until the loan is paid off. A vehicle jointly owned by a husband and wife signifies shared ownership and therefore, each party has an insurable interest. The same applies to the father who has sold a vehicle to his offspring – while the father may lose ownership, as the new owner, the offspring now has an insurable interest in the vehicle. In sum, the underage driver residing in the household does not have a legal claim necessary for insurable interest