Car insurance is mandatory in most states. Even if you don’t have a car of your own, you will need to get a nonowner car insurance policy to protect yourself while driving vehicles of friends, family, and rental agencies.
Sure, most insurance policies cover nonowners, but let’s be honest, it’s better to be safe than sorry. Suppose your friend says they have insurance, and you get into an accident only to find that they don’t. What will you do when people start suing you for damages? What happens if someone gets hurt and the court asks you to pay for medical bills? This is not a pretty situation, as you can imagine.
This is why non owner car insurance is not only a safe investment but a convenient way to protect yourself in all situations. Nonowner car insurance will also cover you in the unlikely event that the vehicle you are driving is under-insured, meaning that the damage done is more than the insurance policy will pay. If you have nonowner car insurance, it should help you bridge the gap between the policies.
Suppose you want to rent a car for the weekend or to take a trip with your family. You’ll need insurance to do so, which means you can either buy a full policy (expensive) or use nonowner car insurance to cover you. This also works for moving trucks and other short-term rentals.
Where do you get nonowner car insurance?
Well, most of the major insurance companies, such as State Farm, Allstate, Nationwide, Progressive, Geico, Good2go insurance, and Esurance have something similar. If they don’t, then you should be able to find a local company in the Yellow Pages, or by searching online.
You can also do a simple Google search, or if you’re really stuck, ask your local license and registration office, who will probably have a list of companies available to offer nonowner car insurance.
You might also find it listed as an insurance bond in some states and counties because, technically, nonowner car insurance is the same thing as a bond. An insurance company cannot cover a car you don’t own, so they are bonding you, the individual, against any car or motor vehicle you might be driving. The only exception might be in large trucks or motorcycles, and in that case, you’ll want to verify coverage with your agent before getting on board.
Non Owners Insurance Rates
Depending on the amount of coverage you buy and the location where you buy it, non owners insurance car insurance rates may be very small, especially compared to a full coverage policy. Of course, it stinks to pay for something you won’t often be using, but it sure beats paying thousands out of pocket when something goes wrong. Nonowner car insurance is also a great way to cover yourself while car shopping, especially if you are buying your first vehicle and have no other coverage.
Almost everyone’s the least favorite part about driving a car is checking into and paying vehicles’ insurance rates. To start with, there are so many options that it can be hard to choose a company. Secondly, you have to worry about things like upfront payments, different types of deductibles, and paying premiums.
What about the upfront payment on car insurance?
When it comes time to pay your insurance, most insurance companies require a down payment followed by 5 monthly payments. This is great because it keeps you from needing to pay in full, but the downside is that your upfront payment might be higher than the average monthly payment. Sadly, this is one of the prices you pay when dealing with insurance rates for cars.
The upshot is that after you remain a customer for a year, you’ll often get discounted insurance rates, and your monthly payments will become lower. In addition, fortunately, there are also insurance companies that offer no down payment car insurance and you can check if you qualify for these types of plans.
Who can get the cheapest nonowner auto insurance rates?
Insurance rates for cars tend to be lower for older drivers than younger drivers, especially as you move into your thirties. For teens and young adults, insurance rates will be higher because of the decreased experience and higher risk. Of course, the benefit of being older is negated if you find yourself getting infrequent accidents, so really, the best way to assure low insurance rates for cars is by being a safe driver.
On top of that, some companies specialize in discount rates, often at the expense of coverage and/or customer service. In contrast, the premium providers usually charge more but are more convenient and offer better protection.
Common Factors Affecting Auto Insurance Rates
Insurance rates for cars are based on a variety of factors, not limited to but including the location of coverage, driver accident history, credit rating, type of vehicle, age of the vehicle, and how often the vehicle is used. Your rates will be lower if you live in low-risk cities, drive less than average, or store your car in a garage, while they will be higher if you often drive in a big city and frequently use public parking garages or lots.
How to get cheap car insurance rates?
Though many states require motorists to carry uninsured motorist coverage, you can lower your rate by reducing that coverage to the minimum as required by law. You can also lower insurance rates for cars by removing special coverages, like towing and rental car coverage.
When shopping for insurance rates for cars, I recommend that you compare at least two to three different companies online so that you can choose the insurance plan that is best for you. If you find a policy that you like, but find that it’s too expensive, then you can try increasing deductibles so that the plan becomes more affordable.