#non owners car insurance
The Basics of Non-Owners Insurance
If you own a car, you need car insurance. If you own a home, homeowners insurance is a must. But what if you rent or borrow your car or house instead of purchasing them? Do you still need to buy insurance coverage if the home you live in or the automobile you drive doesn’t belong to you?
Absolutely! Ownership is only one prerequisite for purchasing insurance. In fact, insuring cars or homes you lease or borrow is the only tried-and-true way to make sure you, your possessions and everyone around you stays safe and protected while you’re on the road or at home no matter where you live or drive.
Non-Owner Car Insurance
With the rising cost of fuel, automobiles and insurance these days, many people are foregoing vehicle ownership completely and taking public transportation to work or school or participating in carpools.
When they really need a car, they simply borrow one from a friend or family member or rent one from a local rental agency.
- Liability (financial responsibility when you hurt someone else) Uninsured/underinsured motorist protection Personal Injury Protection (PIP) Medical payments coverage
One important note: This type of coverage kicks in only when all other car insurance policies are tapped out. So if you borrow your neighbor’s car and end up in an accident, his insurer covers the damage that results up to that policy’s limits and your non-owner insurance policy picks up from there.
Non-Owner Home Insurance
If you’d rather avoid the hassle and headache of purchasing a home or you’d like to delay it until some future point renters’ insurance can provide the basic coverage you need to protect your assets in your rental.
Whether you lease a house, condo, townhouse or apartment, having renters’ insurance means you never have to worry about keeping your possessions safe, dry and intact. Why? Because it protects everything inside your home from disaster and that includes you and your visitors.