It is a common practice to lend your vehicles to your loved ones or close friends, isn’t it? A lot of us do this on a regular basis. After all, what good is a vehicle if it cannot be used by the family in the time of need. Whether it is a medical emergency or for a short trip nearby. At times, you might even share the vehicle with a colleague.
While there is absolutely nothing wrong in sharing your vehicle with your loved ones, you must take a few precautions. As an owner, it is your responsibility to look after the following few factors before lending your vehicle to anyone. In fact, the simplest thing to do is pass on the responsibility so that your friend, relative, sibling or even colleague realizes the importance. So, there are certain things to consider before lending your vehicle to someone.
Before you hand on the keys, make sure you follow the below-mentioned steps to avoid any consequences that might arise later.
- The first step before handing over the keys to someone is to verify if they have a valid driving license or not.
- Before you hand over your keys, ensure that you have a copy of the registration certificate and any other necessary documents in the vehicle.
- It might be helpful to find out where your vehicle might be driven in your absence.
- It is important to find out the type of driver you want to lend your vehicle to. While some people are smooth drivers, others tend to push the limits of a vehicle. Being aware of the driving habits will help you decide if you need to lend your vehicle or not.
- Do a quick inspection if all the electricals and important functions are working as expected.
- Speak with the borrower and ask him not to let anyone else drive your vehicle.
- A quick check on the odometer reading will offer you sufficient information. Whether the person adhered to the agreed upon limits or crossed them.
- If you are aware of the driving history of an individual, consider the same before lending the vehicle as well. A person with a bad driving history might bring additional risk to the table.
- Ensure that a vehicle insurance is always on the car, failing to do so will attract a lot of unwanted attention to your vehicle.
Keeping a vehicle insurance in your vehicle is important. For starters, a vehicle insurance will ensure that your vehicle can be driven legally on all the public roads. If your vehicle were to be involved with an incident, your policy would come into the picture and take care of all the damages.
The person driving your vehicle might have a separate insurance for their vehicle, but it is your policy that will come into the effect. This is despite the fact that the person driving your vehicle might be at fault. Thus, it is recommended to understand the person and their driving behavior.
In the unfortunate event that your vehicle meets with an accident, you will have to pay for the agreed upon deductible. Also, it might increase future premiums for your vehicle as well. Unless you are sure about the person you are lending your vehicle to, it is better not to lend.
Why Insurance Is Important?
The person whom you are lending your vehicle might be extra careful regarding your vehicle. however, that doesn’t always guarantee the safest results. There are other drivers on the road and their carelessness might affect your vehicle also.
Having a good vehicle insurance will ensure that your vehicle is covered against the most common issues that vehicle owners face. When you are on the lookout for a vehicle insurance, there are two primary ones that insurers usually offer. A third-party liability cover and a comprehensive plan.
A third-party liability plan is the bare minimum plan and offers coverage for damages or injuries to third-party individuals or properties. On the other hand, a comprehensive plan offers much better coverage for the premium that you pay. Apart from a third-party cover, it also adds own damage component. Your vehicle is also secure against man-made calamities and natural calamities.
If you do not already have a vehicle insurance, ensure that you purchase one. These are certain things to consider before lending your vehicle to someone.