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If I am Fully Insured for My own Vehicle, What is the Minimum Insurance I Need to Drive a Family Member’s Uninsured Car?
November 13, 2020
Asking About "Minimum Amounts" May be a Red Flag
First, let’s establish that there is no such thing as “fully insured”. Stated again… there is no such thing. Never has been. Will never be.
Insurance policies of all kinds have exclusions and limitations that contain specific contractual obligations.
Asking the question “What is the minimum kind of auto insurance needed” is also wrought with increased risk of unintended loss.
There is a common misconception that insurance only/always follows the vehicle. The truth is… there are numerous instances where an auto insurance policy follows the “insured” or “named insured” (called “you” or “your” throughout the contract).
There could be instances where your current policy may extend coverage to an otherwise uninsured car. However, the appropriate way to cover an uninsured vehicle is simply:
That may sound elementary, yet it is the best path.
If it is possible, add the vehicle to your policy. Or have the owner add it to theirs.
How would you learn the most accurate answer to the question?
One would have to know more about the specific circumstances. Then it would be in your best interest to work with a knowledgeable insurance agent or company representative. Disclose to them your specific situation and ask what is the most appropriate way forward.
Have additional auto insurance questions? We LOVE to help! Feel welcome to call us today at 607-324-7500
Insurance policies of all kinds have exclusions and limitations that contain specific contractual obligations.
Asking the question “What is the minimum kind of auto insurance needed” is also wrought with increased risk of unintended loss.
There is a common misconception that insurance only/always follows the vehicle. The truth is… there are numerous instances where an auto insurance policy follows the “insured” or “named insured” (called “you” or “your” throughout the contract).
There could be instances where your current policy may extend coverage to an otherwise uninsured car. However, the appropriate way to cover an uninsured vehicle is simply:
- Have it properly insured.
That may sound elementary, yet it is the best path.
If it is possible, add the vehicle to your policy. Or have the owner add it to theirs.
How would you learn the most accurate answer to the question?
One would have to know more about the specific circumstances. Then it would be in your best interest to work with a knowledgeable insurance agent or company representative. Disclose to them your specific situation and ask what is the most appropriate way forward.
Have additional auto insurance questions? We LOVE to help! Feel welcome to call us today at 607-324-7500
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
