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Old 02-27-2014, 01:58 PM   #81
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Oc just answered my question. I now know where I can borrow a 5VR in between his trips. Thanks OC LOL
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Old 02-27-2014, 02:16 PM   #82
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Anyone who thinks that loaning out their car/truck/camper is a good idea should sit down with a liability lawyer for an hour or two. Bad enough to lose your house for your own accident; would hate to lose it for a friend's.

PA does not have a Homestead Exclusion as some other states have.

In your opinion, What might I be liable for if I am sure my truck and/or camper insurance covers the people using it? Please explain if you don't mind? I am no expert and would rather hear some opinions then discuss anything with a lawyer.
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Old 02-27-2014, 03:38 PM   #83
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In your opinion, What might I be liable for if I am sure my truck and/or camper insurance covers the people using it? Please explain if you don't mind? I am no expert and would rather hear some opinions then discuss anything with a lawyer.
I am only familiar with the asset protection strategies (as discussed with my lawyer) for PA. I am also NOT a lawyer; nor do I play one on the internet.

So, with that caveat, if you are sued in PA as a result of an "at fault" accident and the suit is more than the maximum of your insurance (per person or per accident maximum) AND the person or persons who were injured decline to accept your insurance's maximum payout per person as settlement in full (happens most when you are under-insured); your insurance company will cut YOU a check for that amount. You then are on the hook for everything; lawyer fees; court costs; and the final liability judgement.

If the injured parties can link their suit to others, they can get the maximum from them too. As the owner of the vehicle involved in the accident, you could be shown to have "enabled" the accident sequence, perhaps by allowing an "unqualified" operator access to your vehicle, or whatever the plaintiff's lawyer can cook up. If the vehicle is titled in both you and your DW's name, (in PA), ALL your jointly held assets are "on the table" as well.

This is known as "deep pockets" and if the injuries are severe enough and the need for medical expenses obvious, they may even go after the vehicle's manufacturer, too.

I was told that a single closed head injury award in PA could easily be 500,000 dollars. Not many young folks carry more than the minimum car insurance, so you can BET they will be coming after yours.

State-by-State Minimum Car Insurance Requirements

The PA minimum for PER PERSON is 15,000 and the per accident maximum is 30,000. Have you ever asked the person you lent your truck/camper to what their insurance limits were?

For example (again in PA) - my truck and camper is in my name only and I am the only driver. That way only my individual assets (and wage income - not retirement income) are subject to judgement and joint assets are excluded. IF my DW was driving and "I allowed it," Then ALL our assets Hers, Mine, and Ours are subject to the judgement. In PA there is no Homestead Exclusion so your jointly held home can be force sold in the judgement. Other states do have a Homestead Exclusion and some have limits (like $250,000) which could force a sale if the house is worth more than that.

This is why we are very careful that the "registered driver" is the only driver of their vehicle. I 99% of the time drive my truck and the DW 99% of the time drives her car. When I drive her car I know that I am placing our home at risk. NO ONE else drives our vehicles; ever.

Understanding the risks in YOUR state is important when making decisions like this.

Additional Reading:
http://en.wikipedia.org/wiki/Homestead_exemption
http://www.lawchek.net/resources/for.../homestead.htm
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Old 02-27-2014, 03:41 PM   #84
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In your opinion, What might I be liable for if I am sure my truck and/or camper insurance covers the people using it? Please explain if you don't mind? I am no expert and would rather hear some opinions then discuss anything with a lawyer.
How about your truck being involved in bad crash killing several people.
The driver said the brakes failed.
Lawyers sued were the money is. Driver ,owner who ever they can

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Old 02-27-2014, 04:08 PM   #85
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People who sue will go after anyone and everyone they can. If there's an accident and the trailer is involved in damage to someone else or their possessions and the primary liability policy of the owner of the vehicle (your friend's if they are driving their truck) is insufficient, expect to become involved.

An umbrella policy (yours and/or your friends) might help if an over-limit accident did occur.

Best advice I will give is to check first with your insurance agent. Don't take financial advice given freely over the internet (including mine )

But, before we take the thread too far into the liability associated with lending a camper (which is certainly a worthwhile side issue), the OPs question was a tad different and would not involve the liability associated with a vehicular accident...

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I want to share our TT with our camping buddies, but only while I tow it and set it up. What are your thoughts?
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Old 02-27-2014, 04:20 PM   #86
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the OPs question was a tad different and would not involve the liability associated with a vehicular accident...
Thanks, I missed that part.
I still would be hesitant, but only from having to fix what got broke.
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Old 02-27-2014, 04:28 PM   #87
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I still would be hesitant, but only from having to fix what got broke.
I know what you mean. Its got to be the right person if I'm going to lend. My dad, my brother, and a few friends who are like brothers.
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Old 02-27-2014, 04:47 PM   #88
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Thanks guys. Food for thought, thats for sure.

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Old 02-27-2014, 04:54 PM   #89
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Originally Posted by Triguy View Post
People who sue will go after anyone and everyone they can. If there's an accident and the trailer is involved in damage to someone else or their possessions and the primary liability policy of the owner of the vehicle (your friend's if they are driving their truck) is insufficient, expect to become involved.

An umbrella policy (yours and/or your friends) might help if an over-limit accident did occur.

Best advice I will give is to check first with your insurance agent. Don't take financial advice given freely over the internet (including mine )

But, before we take the thread too far into the liability associated with lending a camper (which is certainly a worthwhile side issue), the OPs question was a tad different and would not involve the liability associated with a vehicular accident...
A very good reason not to loan out your camper could be the liability part.
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Old 02-27-2014, 04:54 PM   #90
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To me asking to borrow a camper is to much. Borrowing a tool or a lawn mower maybe. But something that big and expensive is going to far. I would never ask to borrow some one else's camper. And if a "friend" asks to borrow a camper you choose to say no. The way they react and choose to treat you after you say no will truly show you what kind of friend you have.
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