Before lending your car to a friend or relative, make sure you understand the impact of your decision.
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Not only are you letting them drive your vehicle, but you are also lending them your car insurance.
Of course, lending your vehicle to someone you trust could be a no-brainer, but the hidden risks might outweigh your generosity.
Ask yourself: Is the person you trust a safe driver? Or do they drive erratically? Are they insured? If so, what type of auto insurance coverage do they have?
Having said that, find below 5 reasons why lending someone your car may at least put you in trouble.
It affects your car insurance premium
As it was mentioned above, lending your car means lending your car insurance.
If the person crashes your vehicle, the financial risk could be enormous. The auto insurer may not process the claim, leading to an increase in your insurance premium.
So, guess who’ll be responsible for the expensive liabilities? Yes, you will!
You may get bad points on your driving record
When someone else drives your car, you are also putting your driving record on the line.
A severe crash or even a minor ticket could damage your driving status. BE aware that the person you trust is not free of making mistakes.
Of course, driving beyond the speed limit won’t affect your record. But one mistake or bad habit often leads to more negligence.
The owner remains liable
Just because you were not driving the vehicle doesn’t mean you are free of any potential liability.
You will be held responsible for any accident involving your car once you give another person your consent to drive it.
It might be disappointing but an absent owner must think twice before lending their car to someone they “trust.”
You may face legal complications
Hopefully, you won’t be the person holding the unlucky number, but terrible things also occur. An absent owner may end up in jail for an accident they weren’t part of.
How can you give proof of your innocence when the person you trusted committed a crime while driving your car?
Nobody wants to be involved in a situation where things translate into severe legal actions.
You may lose your vehicle
Imagine lending your car to a friend and the driver fails to connect with your car, nor understand how attached you are to your vehicle.
That’s quite common, particularly if you own an expensive or symbolic car.
It’s in your best interest to know how much your vehicle means to you. Will they care for your car as much as you do?
Overall, these 5 reasons might not be compatible with your thoughts about lending someone your car.
But they might help you answer the primary question: Can you lend your car to someone you trust without being at risk?
Feel free to tell us what you think on the comments below.
