The answer lies in the titleholder of the vehicle. If you are still the titleholder, then you will need to have the car under your policy and have him listed as a driver. If he is the titleholder, he will need to insurance the car under his policy. If that vehicle injure someone or cause damage to someone's property, the other party will sue the titleholder. If you are both titleholder, then I would suggest you sign the titleholder to him.
Your own insurance carrier & the police will handle this. Of course if they never find out who hit you, then you will have no way of knowing. I agree with the 1st answer.
Let your insurance company handle it. They do it all the time.
Yes, If your Insurance company paid the claim then they are allowed to increase your premium appropriately to cover your risk factors. If you let others drive your vehicle then that is demonstrative of how you handle your vehicle. Loaning out of your vehicle to others increases the risk that you will have a claim.
After a hit and run, the individual hit should file a police report as soon as possible. That police report should then be presented to the person's insurance company who will assess the damages to the vehicle.
It varies with the tire, the weight of the vehicle, where you're driving and how you want the vehicle to handle. Check the sidewalls for info on maximum and minimum recommendations, but what's best for your vehicle has to come from somewhere else, like an owner's manual.
Yes.
Yes.
The vehicle will wander.
somewhere by the handle bars
No such profession. There are only insurance brokers. These will handle renewal of insurance.
penis
Only if you intend to drive it. Whenever you drive a vehicle you take on an almost undetermined level of risk. The reason you have insurance is to handle this risk when you are not financially able to handle it yourself. Whether or not your State or Territory requires you to legally have insurance in order to drive is up to your local regulations or laws. Even if you are not legally required to have insurance, unless you can comfortably take the cash out of your pocket to pay for the damage you do to the other persons vehicle, house, medical expenses, or loss of life then you need insurance. You never know how much damage you could cause in an accident in terms of financial loss to the other party or how many accidents you could have in a year. Even the wealthiest people are smart enough to purchase insurance and pass on this risk to an insurance company because in order to be wealthy the person is normally intelligent enough to know they need insurance.