Bensman Risk Management, Inc.

Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 9, Issue 10June 2014


Call Us With Car Insurance Questions

Car insurance can be a complicated issue, especially as it applies to some unique situations. That’s why it’s always better to check with us, just to be sure.

For example, what if you – or your college-age child – is thinking about picking up a little extra money by participating in a ride-sharing program such as Lyft or Uber? In these programs, people agree to give rides in their private cars – for a fee. But what happens if you are driving a fare and you have an accident? Would your insurance respond as it would if you were just driving a friend for free?

The short answer is, most likely not. If you or anyone covered by your policy is considering this idea, please give us a call first so that we can check with your insurer. Most insurers do not provide coverage under your private policy when you are engaged in commercial activity.

What about lending a car to a friend? Say you are going to be out of the country for several months, and you have a friend who needs a car during that period. How should you handle this transaction so that you minimize or eliminate your liability while your friend is driving your car?

Again, give us a call so that we can check the specifics of your policy and discuss what options you might have. It might be possible to draw up some kind of rental agreement or other arrangement that your carrier would accept. On the other hand, that might not be possible – it depends on the carrier.

A key factor in car insurance is that virtually always, insurance follows the car. In other words, your coverage responds when an accident occurs in your car, regardless of who is driving. That’s why we suggest that parents strongly discourage their children from lending their car to a friend.

There are some exceptions to the idea that insurance follows the car. Usually you have to have given permission for the other person to be driving; you aren’t liable if someone steals your car and then wrecks it, for example. But there are gray areas, such as when you have given a friend vague and general permission to drive your car, rather than permission to drive it at a specific time.

At The Bensman Group, we are ready to help answer your car insurance questions, or any other insurance questions you have. Just contact us at 847-572-0820 or

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