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If I Am Fully Insured to Drive My Own Vehicle, What is the Minimum Insurance Required for Me to Operate an Uninsured Car That Belongs to a Member of My Family?
April 19, 2020
Learn what insurance follows a driver, which follows the vehicle
First, let’s establish that there is no such thing as “fully insured”. Insurance policies of all kinds have exclusions and limitations and 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. To the contrary, there are numerous instances where an auto insurance policy follows the “insured” or “named insured” (called “you” or “your” throughout the contract). Even in the situation described in the question, there could be instances where your current policy may extend coverage to the “otherwise uninsured car”.
However, the appropriate way to cover an uninsured vehicle is simply:
- Have it properly insured.
How could you determine the most accurate answer to your question?
Compile all of the facts related to the circumstances. Once that is done, 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.
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The year 1962 was marked by historic events—from the Cuban Missile Crisis to the passing of Marilyn Monroe. But while the world focused on these headlines, Lee A. Ryan was working alongside his brothers on my grandparents' farm when an unexpected opportunity arose—an invitation to join the insurance business. With no prior experience, no clients, and limited resources, my dad took a leap of faith and partnered with Nationwide Insurance to start an agency from scratch. Operating out of his home on Karr Valley Road in Almond, NY, he built his business one relationship at a time (some of whom are still clients!), laying the foundation for what would become a lasting legacy.
“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.
