I need an extra car for 2 months, and all car rentals were $800/month and up. A friend offered to rent me his extra car for $450/month. He said it costs him $160/month for insurance, which sounds like a lot (I pay $600/year).
I called my insurance (Geico) which said that he should add me to his plan, and since my record is clean, shouldn't cost anything. The renter confirmed with his insurance company that adding me won't cost anything ($160/month either way). I live in Maryland.
The question is how to deal with insurance from 3 angles:
- Monthly payment.
- In the case of an accident, the deductible.
- In the case of an accident, his insurance rate increase.