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Low Rate Car Insurance - Does Car Insurance Cover the Car or the Driver?

One question that most drivers don’t know is does my insurance policy cover me or does it cover my car? The answer is “yes”. In some situations, it may actually do both, it’s important that you consult your insurance agent on this matter to find out for sure and under what circumstances you are covered. Also find out how your specific policy works if you were to rent a car.

The large majority of the time, however, car insurance is tied to the automobile, not the driver. The rate you receive is partially based on the primary driver of the vehicle and partially based on the car that is driven the majority of time by that driver, but the car is typically what is covered.

For instance, if you were to give “permission” to a friend to borrow your car, and that person was to get into an accident, typically, your insurance would have to pay for the claim, not their insurance. And if your friend is at fault, it’s important to know that your insurance rates could go up (or potentially get cancelled in an extreme situation) and you would have to pay any deductible that is stipulated in your policy. So, the lesson in all this is be careful who you let drive your car. If your friend is insured and the claim is more than your policy will cover, your friend’s coverage kicks in. If the friend does not have their own insurance, however, it’s unwise to allow them to borrow your car at all. If they were to get in an accident and the claim is over and above what your coverage allows, the injured party could come after your assets for the remaining balance.

With that being said, many policies cover the sharing of cars between friends and family if it’s only done occasionally. Again, check with your insurance agent to make sure - there’s a lot at risk here. What determines most of this is how much the primary drive actually drives the car versus other drivers. Make sure you find out what would be considered pushing the limits mileage or percentage-wise.

Stolen vehicles or cars driven “without permission” are a different story. You would not be liable if they were to get in an accident. If there was an accident and they damaged your car, your collision and comprehensive coverages would typically cover all damage to the car and you would have an open door to sue the party who stole the vehicle. Again, check with your agent to find out all details regarding your policy and potential liability issues.

  • Posted in Low Rate Car Insurance | No Comments »

    Low Rate Car Insurance - Should I Ever Buy Rental Car Insurance?

    Many rental car companies have a number of insurance policies they would love to have you sign off on. Under the right circumstances, one of their policies might benefit you. But what they don’t typically tell you is that you may not need one of their insurance policies if in fact you have car insurance coverage from your own company.

    Typically when you rent a car, the car insurance liability coverage you have remains in effect on the rental car, as does comprehensive and collision coverages. But before you say yes or no to rental insurance, it’s wise to double-check with your insurance agent first and find out if you would be covered and under what circumstances that coverage would be in effect. Let your agent know the company you’re renting from, the type of vehicle you’ll be driving, where you’ll be traveling (out of state?), and who will be driving the vehicle. Before you rent a car, you should understand what charges you would be responsible for if in fact you were in an accident or items were stolen from your car.

    If you happen to suffer a loss while using your rental car, and your normal car insurance policy doesn’t cover the loss, it’s possible that one of your other insurance policies may cover it. For instance, injuries may be covered by a medical insurance policy, or if your car was broken into and something was stolen, your homeowners or rental insurance policy may cover the property loss.

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