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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:

  1. 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.
  2. 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.
  3. 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.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.