Say your friend has landed on some hardships and lost his vehicle to damages or debt. Now he is going away for the weekend and desperately needs a ride. You cannot take him because you have further engagements. So you decide to allow your friend to borrow your vehicle, making you a great friend.
Anytime somebody drives your car without a valid license or insurance and they are involved in an accident, the insurance company is not liable to pay for the damages.
Your car is an asset that is worth a lot of money. The value to you especially, is truly invaluable. Do not throw the money away by letting anybody, even your dearest friends; drive your vehicle without insurance. Because that is exactly what you will do if an accident does happen ? your money will go down in a trashcan.
Now the other driver can have insurance, but any lapses or delays in payments results in the same punishment as not having car insurance all together. So next time you hand over the keys and let somebody borrow your car you may be putting more of a risk on your asset than you first thought.
Insurance companies are in business to make profit and usually react very aggressively when they do not get paid their dues. The only way you can solve that is by consistently paying off your premium. So even if you are dedicated to your policy and constantly cover your premium, it doesn't necessary mean your friends do.
Save yourself the hassle by lending your vehicle to just anyone. Only hand over your keys to people you really trust and are close friends or family. Accidents take place everyday, so do you want to run the risk of covering somebody else's mistake?
Anytime somebody drives your car without a valid license or insurance and they are involved in an accident, the insurance company is not liable to pay for the damages.
Your car is an asset that is worth a lot of money. The value to you especially, is truly invaluable. Do not throw the money away by letting anybody, even your dearest friends; drive your vehicle without insurance. Because that is exactly what you will do if an accident does happen ? your money will go down in a trashcan.
Now the other driver can have insurance, but any lapses or delays in payments results in the same punishment as not having car insurance all together. So next time you hand over the keys and let somebody borrow your car you may be putting more of a risk on your asset than you first thought.
Insurance companies are in business to make profit and usually react very aggressively when they do not get paid their dues. The only way you can solve that is by consistently paying off your premium. So even if you are dedicated to your policy and constantly cover your premium, it doesn't necessary mean your friends do.
Save yourself the hassle by lending your vehicle to just anyone. Only hand over your keys to people you really trust and are close friends or family. Accidents take place everyday, so do you want to run the risk of covering somebody else's mistake?
About the Author:
Graham McKenzie is the content Syndication Manager at Insurance123.co.za South Africans leading car insurance information portal
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