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Old 02-10-2013, 09:08 AM
 
4,236 posts, read 8,102,217 times
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Quote:
Originally Posted by WellShoneMoon View Post
OP, do you carry insurance on that car? As the owner, you could be on a very expensive hook if the driver causes an accident.
X2, but I'd get rid of the car, way too much of a liability. Friends and money don't mix.
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Old 02-10-2013, 09:33 AM
 
14,417 posts, read 20,509,529 times
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Quote:
Originally Posted by WellShoneMoon View Post
OP, do you carry insurance on that car? As the owner, you could be on a very expensive hook if the driver causes an accident.
Quote:
Originally Posted by Fargobound View Post
X2, but I'd get rid of the car, way too much of a liability. Friends and money don't mix.
So your friend pays the car insurance and property taxes on the car.
Do You pay for any sudden and frequent repairs.

Does the insurance cover an event where a storm damages the car, as in a fallen tree, hail damage.

If your friend is at fault, is there enough coverage on the car to cover the liabilities if someone is killed, whether they be in the other car or in your car. Lawsuits can be in the millions.

Does the insurance cover you and your friend.
The friend might loan the car to one of their friends to drive for a few hours and there be an accident while that third driver is behind the wheel.

Other than all that, it's a nice part of your income.

Last edited by howard555; 02-10-2013 at 09:41 AM..
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Old 02-10-2013, 09:51 AM
 
Location: Denver
4,564 posts, read 10,935,839 times
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Don't mean to jump on the bandwagon and harp on the issue regarding the car but..... I would be really worried about liability.

If the car is registered in your name who is paying for the insurance? If they are you may want to check with the insurance company if you haven't already that that is allowed. Some companies will not allow insuring a vehicle you don't own. They might be able to get around that by not telling the insurance company, but if there is an accident the insurance company might not cover it.

If you are insuring and they are just paying you each month for that - any accident they get in - someone can come after you.

Don't mean to be negative but just such a bad idea. If you don't need the car - why not just sell it?
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