Dangers of Lending Your Car - Insurance Claims Advice for You
Dangers of Lending Your Car - Insurance Claims Advice for You
Insurance claims advice, came to me too late one sunny afternoon. I had just received a call from a friend, who had borrowed my pick up truck. They had been involved in an accident.
Once I found out they were OK, I was not sure what to do next. My friend did not want me to report it, after all, there was no one else involved. She was going to fast and lost control and now it is wrecked. She wanted to pay for it.
Luckily it was an older truck worth about 2500 dollars, but I said I am sure I need to report this.. I asked my insurance agent for some insurance claims advice. She told me, that if the police or any emergency help have been to the scene then it has a paper trail somewhere.
Yes police had been there, a neighbor had called them. But she tried to tell me there was no police report. That was because it was in my name not hers. She was not charged with anything, and I have no collision coverage on this truck. Liability only. So, I asked her to talk to her insurance company, which she did. That is when I got a crash course in insurance rules.
Her insurance only has to cover her injuries. They are not on the hook for any other parts of this accident. YOU are. So, luckily, the contents of the pickup truck narrowly missed some cows and the road was not damaged, just the truck. Otherwise my insurance would have to pay for property damage.
So, keep in mind that when you lend your car, it is as if you are driving, you are also lending your car insurance. My rate went up simply because there had been a police report.
So, before you hand over the keys, get some insurance claims advice. Read that fine print, and then just say "sorry my insurance won't let me lend out the car, but I can drive you to where you want to go". That is the best answer to a neighbor wanting to borrow your car. Even if they say they are insured, they obviously don't understand the implications.
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