Back in 1968, the most complicated thing in my life was trying to remember the theme song and the names of the characters. (FYI, they are Fleegle, Bingo, Drooper and Snorky.) Today, the world is a very different place. The Banana Splits have been replaced by Eric, Cartman, Kyle, and Kenny, and the rest of life is far more complicated.
One thing that has not changed, though, is Ben Franklin’s idea of “neither a borrower nor a lender be.”
This was always the case in car insurance. When you lend your car, you lend the insurance. What does that really mean in the event of a claim? It means that if your son or daughter loans the family car to a friend while they are at school, and the friend has an at-fault loss, your policy premium will be impacted.
It also means that if the event is serious enough, you now have all of your assets at risk due to something another driver did while in your car.
What is the best solution? Follow Franklin’s advice and “never a borrower nor a lender be.”
Questions about how your coverage will apply or your premium might be impacted. Call us at 610-933-4950.