Car insurance should be at the top of your considerations when doing either – borrowing or lending. But while making sure a car is covered by an insurance policy is paramount, it’s not the only thing you should worry about. Here’s a quick rundown of things you’ll need to know before you borrow a car:
- Is the car you are borrowing fully insured? What company wrote the policy, and what sorts of coverage and policy limits are in place?
- Who owns the car you are borrowing? Does it belong to a friend or a family member?
- Do you have permission from the owner – whoever is listed on the title of the car – to use it?
- Have you agreed to and set terms involved in borrowing the car? This includes specifics such as: How long will you keep the car? What will you be using it for? How many miles will you be driving?
- Are you familiar with the operation of the car you’re borrowing? For example, if you normally drive an automatic and borrow a car with a manual transmission, can you operate it without difficulty? It’s important to keep things like the size of the car in mind as well. If the car is significantly larger or different than your primary car or beyond what you’ve had experience with before, give yourself time to become acquainted and familiar with the automobile.
- Are the proof-of-insurance card and other required documents such as current registration papers in the car? Where are they located? You’ll need them in case of an accident or if you’re pulled over by the police.
- Do you have your own car insurance policy that may provide further protection and coverage while borrowing a car? A quick call to your agent or insurance company should let you know.
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