1) Not every state mandates Liability Insurance. Wisconsin is an example.

2) In many states the minimum requirement for liability limits that will be payable to a single beneficiary out of a single claim is $20,000.

3) What is commonly referred to as "liability insurance" covers damages due to one's negligent acts with respect to third parties, with whom you have no contractual obligation. Benefits are paid out purely based on fault. A car rental company or car dealer which you entered into a rental agreement with is not a Third Party.

4) The type of insurance that covers damage to the property of a second party (such as a car rental company) is called collision damage coverage. When you sign a rental agreement you make a legally binding covenant to return the vehicle free of damage, regardless of fault. Therefore the renter alone assumes responsibility for providing their own collision damage coverage or opting for that provided by the renter for a cost.

The better bank/ credit union credit cards issue collision damage coverage for car rentals paid for with such cards.

So do various motor clubs.

Auto insurance companies do offer such coverage but it is supplemental to third party and first party coverages.

 

that sucks... but even with liability, your insurance should cover the damage... i think.

 

As was stated several times before in most states the insurance does follow the vehicle. I tell all of my clients that if they allow someone to borrow their car they are in effect borrowing their insurance.

If you read your insurance app you signed it also has a clause (at least all of mine at Nationwide do) in which you initial that all people who have access to the vehicle are listed on the policy you are binding coverage on. In almost all cases your insurance will pay if you allow a friend to drive but they will not be happy about it and in some cases will non-renew you when renewals come up.

The ace in the hole for the dealer is what was in the agreement on the loaner. Every major dealer will have coverage for the loaners they provide. The question is however what is in the agreement that you signed?

This is what Ive gathered from all these pages. I am a lisc Insurance agent in NC for what its worth. Your state could be completely opposite so i can't guarantee the validity of anything Ive said in your state.... id call your agent and ask , and also check out what you signed

 

This is what's written on the Loaner Vehicle Agreement by my local Infiniti dealership (in CA):

 

Just so we are clear though the type of insurance needed to cover a property damage loss to a second party like the renting/ loaning car dealer is "Collision Damage Insurance".

Third party liability insurance will simply not cover the damage to the second party (the Dealer's) property.

 

Was this a G37 coupe loaner? Or a G37 sedan?

My dealership only loans out G37x sedans. I would have killed for a loaner coupe for a day.

But when i got the loaner, i did sign a form and provide my insurance info to take the car.

I hate to offer a "rub-salt-in-wound" opinion here, but liability insurance is really something you get if your car is worth maybe $1000 tops. If you can't afford higher insurance levels, then you should be in a cheaper car.

 

someone hit me in a brand new G sedan. damage was $4,500

 

Didn't they require an imprint of a major credit card as well? They do at the dealers here in Chicago.

As to third party liability insurance you get enough to protect your assets and your level of income. A car really isn't an asset, unless it is a collectible classic. Certainly if you want to insure a car's repair costs/ replacement value that's what first party collision insurance coverage is for.

Many wealthy people own cars which have a paltry value. However to protect their significant net worth or high level of income they need plenty of third party liability insurance.

 

+1 ..lol

 

Nope. Didn't need that. License, Insurance Info, sign some papers stating responsibility for tickets and damage, and bring it back with the same gas it goes out with.

 

maybe the OP could tell us where he's from, what the waiver says, and what coverage he has exactly.
Check your state laws
Call your Insurance company and ask what you policy covers. Ask them if what you paid for covers an accident in another car. If not then check that off your list.
Read the waiver carefully and see what it says. Don't understand contract lingo? Then post the terms and maybe someone here can help interpret them.

We don't know anything except you borrowed a car and crashed it. Rationally it would make sense for you to pay for it, but we all know we live in the U.S. where there is small print and loopholes for you to jump through. SO POST MORE INFO