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Originally Posted by WellShoneMoon
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.
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Quote:
Originally Posted by Fargobound
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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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.