Lending your vehicle to a friend or loved one can be a vexing issue. You want to help them out, but you aren’t really sure how their driving differs from your own, or how your insurance would be impacted if something went wrong when they are behind the wheel. While you want what is best for your loved ones, you are right to hesitate when people ask for this big favour. You hold a lot of risk when someone else is driving your vehicle. Contact MBS Insurance for details about how your specific auto insurance policy in Edmonton will be impacted, or read below to determine if your friend is a good candidate to borrow your ride for a few hours, days or weeks.
3 Insurance Considerations to Make Before Lending Your Vehicle to a Friend
Before you allow someone else to get behind the wheel, ensure they are prepared and you have considered these three things:
- License and Registration: Sticky legal situations get even messier when ownership isn’ t clear cut.If your friend will be borrowing your vehicle, confirm that they have the appropriate, valid license and that they keep it with them while driving at all times.You should also ensure they have your registration and insurance information.That way they will be fully prepared in the event that they get pulled over, are involved in or bear witness to an accident.
- Expectations: A big favour requires a frank discussion.Be open and honest about your expectations, including where, when and how they will take your vehicle.Ensure that you know that any losses that occur on your insurance policy will be rated on your policy and they do not transfer to the person who has borrowed your vehicle.If your vehicle is involved in activities you are unaware of, you would likely still be liable.Outline where your friend or family member will be taking the vehicle and when you can expect to have it back.
- Get Insured: If your friend needs to borrow your vehicle quite often, it is wise to consider adding them to your existing auto insurance policy.MBS Insurance has a team of brokers in Edmonton who can advise you on the best policy solution for your unique situation.
Reach MBS Insurance today to determine the right car insurance policy for your needs. Whether you share your car with others or have a friend who needs to borrow it on a regular basis, we can offer options and alternatives that give you coverage for every scenario. Be prepared with the right insurance.
Call 780-436-7880 or contact us online to get comprehensive auto insurance in Edmonton.