A non-owner car insurance policy is a policy that is designed for people who don't own cars, but they frequently drive other people's cars. The cars can be owned by friends, relatives or rental companies.
Benefits of the insurance policy
There are a number of benefits that come with the non-owner's car insurance policy. One of the benefits is that the policy gives you peace of mind as the borrower because you know that you are protected.
The policy also aids in reinstating your driving privileges especially when you have been found driving under influence of alcohol. If you find yourself in such a situation, you only need to purchase the policy that will come attached with the SR22 filing.
When you present the policy together with the filing to the motor vehicle department in your country your driving privileges are reinstated.
The policy also increases your chances of getting employed. Some employers require you to be covered by an insurance policy; therefore, having this policy will show the employer that you are keen about your protection and as a result you will have high chances of getting hired.
Another benefit of the policy is that it's cheaper compared to temporary auto insurance; therefore, by buying the policy you save a lot of money.
Disadvantages of the policy
While the policy has the above advantages, it has its fair share of negatives. One disadvantage is that it does not offer collision coverage. This means that it does not cover any damages to the vehicle in case of an accident.
As a result of this, if you are a borrower and you are involved in an accident you have to get money from your pocket and repair the car.
Another limitation of the policy is that it does not cover work related vehicles or vehicles owned or registered by the policyholder.
How to buy the insurance policy
Despite the above disadvantages, it's important to have the policy. To buy the policy you need to do your research and find the best companies to work with.
Here you need to compare quotes from different companies and settle on the company offering the highest quality service at least cost. When doing your research you should ask for information about the "assigned risk program or plan" offered to the insurance company by your state.
As rule of thumb the company should offer you a policy in accordance with the risk program.
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