I wish to loan our cars in California to a trusted frien for a week while he and spouse are staying at our California home. He is a high ranking Seattle Police Department executive. His wife a realtor.
They have their own insurance. Anything special I need to do with our insurance? No borrowing or lending family or otherwise keeping everyone in a safe zone. If I am borrowing a car from a non-family person and he resides in a different state. Can I still drive it in my home state.
Call you auto insurance company! Auto insurance companies are not uniform with contracts. You pay for auto insurance, therefore call for questions like this!! Some auto insurance companies may try to probe for additional hh members or drivers who may use your car on a recurring basis.
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The information on this site does not modify any insurance policy terms in any way. There are several reasons you might be driving a car you do not own. Maybe your car broke down, and you are borrowing a vehicle from a friend or family member. Or perhaps someone gifted you a car and put the registration in their name.
In any case, you may be wondering if you can insure the car you are driving even if you do not own it. In most situations, you cannot insure a vehicle that you do not own. Generally, you cannot insure a vehicle that you do not own.
To fully understand that answer, you need to understand how insurance works. Insurance is a financial product.
However, having auto insurance coverage provides you with financial protection by helping cover the claims expenses if you are involved in an accident.
Because auto insurance will pay for damage that you cause or damage to your own vehicle depending on the type of coverage you have , you must have what is called insurable interest in the vehicle. This means that you must have a financial stake in the vehicle you insure. If the vehicle is not registered to you, you have no insurable interest in it and cannot insure it.
If you were permitted to insure a car you do not own, you could potentially receive money for damage to a vehicle you have no financial stake in.
If you were able to insure the car, you could file a claim under your collision insurance and be paid for the damage, even though your friend is the one with the financial stake in the vehicle — they paid for it. Because you have no financial stake in the car, you have no right to any claim payout from the insurer.
If you are in a collision, watch out for repair shop scams and other preventable costs. Preventive maintenance is an essential part of an effective fleet risk-management program. Your organization may be held liable for a collision if a driver operates a vehicle for business purposes.
By understanding how to read insurance documentation, you are better able to manage your policy. Declarations, insuring agreements and policy conditions are found in home, auto and business policies. Insurance questions? Click here to ask. Lending Your Vehicle. What to Consider Under certain circumstances, you can lend your auto without naming a guest driver on your insurance policy. If you decide to lend your auto, keep the following in mind: You must agree — verbally or in writing — that the driver may use your vehicle.
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