Auto Insurance Claims: car insurance, car insurance rates, balence

Question
I currently have an SUV with a carloan balence of 6,000.00.
I would like to keep this vehicle registered in my name alone, but would like to lend the vehicle to a friend for a couple months. My friend does not have the best history for low car insurance rates so I don't want to add him to my policy.  Is it possible for him to take out his own policy on my vehicle.  That way, if anything does happen, his insurance will be responsible and mine won't be affected. I want to loan him the vehicle but i don't want to be responsible if he has an accident.  thank you .  I live in Florida.

Answer
Hi Trish,

It is possible for someone to take out insurance on your car. However as the titled and registered owner of the car you would want to be listed as a lienholder on their insurance. That way if there is an accident the check is made out to you as well. This keeps the other person from getting a check for damages and cashing and spending the money and your left with a damaged car and no money to have it repaired. Also, as the registered owner of the car you can be held responsible for damages or injuries caused by another driver. So if you friend has an accident and causes damage or injuries to other people, an attorney could still come after your insurance or you personally.

I hope this helps
Richard Hixenbaugh