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your car insurance and loan: risk

Posted by chiappelli at 2020-04-01

It's a good gesture to lend a car to a friend or his son, but sometimes it's bad. Copy this website code to your website to set up a ballot box on your website. What happens in the event of a disaster? That's all the answers.

Even if it's just a few kilometers away, his car loan poses a risk to the owner, whether he's in the car or not. Here are all the risks you face when you allow a third party to drive a car and the precautions you need to take.

Accident free insurance

If you lend your car to a person who does not have a driver's license, or whose driver's license is invalid in the event of an accident ("suspension, driver's license temporarily cancelled due to defects, etc.), the insurance company will not compensate you. If this seems trivial, please do not hesitate to check whether the person who wants to borrow your car has a valid license to avoid any bad surprises.

Payment of additional concessions

Some insurance contracts provide for this, although this is a small letter in writing... When a junior driver is not registered with the driver named in the contract, the amount of the concession increases by an additional amount, up to 100% or more. Some insurers even apply this increased franchise to drivers not specified in the contract. Copy this website code to your website to set up a ballot box on your website. There are more favorable contracts, you can tell your agent.

Increase in premium

In the event of an accident, it doesn't matter who drives: the contract holder will be the victim of the increase in the accident, usually resulting in a 25% increase in the premium. If your bonus exceeds 50% for at least three years and you (or one of your borrowers...) have not had any accidents during this period, you may be exempted from this tariff escalation.

If the insurer owns a car, it should give its insurer a wrong notice. However, the announcement will not increase his own premium.

Published in news on January 19, 2016