If you own a car, you need auto insurance. The law after all, mandates it. But just because you don’t have your own car doesn’t mean you won’t need this kind of insurance. If you drive, then it’s a perfectly good idea to get yourself some non-owners insurance coverage. The basic reason is the same foundation for all insurance—you just never know what kind of problem can come up.
Let’s look at some very good reasons why you should get some insurance coverage even when you don’t have your own car.
- It’s better than being forced to carry an SR-42. That’s not really some type of advanced spy plane (you’re probably thinking about the SR71 Blackbird). Instead, it’s a type of official insurance that your state forces you to get if you want your driver’s license reinstated after you’ve committed a major boo-boo. This means you were at fault for a car accident or you were caught driving under the influence, and you didn’t have any liability insurance at the time.
Getting SR-42 insurance is obviously a black mark on your driving history, and it also marks you as a greater risk for insurers. This means that in the future you’ll be forced to pay higher premiums for your car insurance.
- It helps if you tend to borrow a neighbor’s car every now and then. Typically, if you get into an accident then your neighbor’s insurance pays out if you borrow your neighbor’s car and you get into an accident. But with this extra coverage, the insurance policy picks up when the expenses go beyond the limit of your neighbor’s insurance policy.
- It saves you money if you tend to rent a car a lot. When you rent a car, you’re generally required to buy insurance from the rental service. You get liability and physical damage coverage with the insurance you buy, but the price is often too high. But when you already have your own non-owners insurance policy, you won’t have to buy insurance from the rental agency. That’ can save you money in the long run if you tend to rent a car too often.
- It also results in a lapse in your insurance history. Let’s say you just sold your car, and you haven’t bought a replacement yet. If you stop with the insurance premiums because you don’t have your own car, you may not then be able to take any loyalty rewards or discounts from the insurance agency. By having a non-owners policy, you can still maintain a loyal record with your long-time insurance company.
- You get ample coverage. Perhaps the most important feature of this policy is that you get medical coverage for your injuries, as well as for the injuries to the people inside the car you were driving. It doesn’t even matter if you were the one who was at fault for the accident you were in.
If you were also at fault for a car accident, this insurance will pay for the medical expenses that you’re liable for if any of the people in the other cars were injured. If the other driver was at fault but they were not properly insured, this policy also covers your medical expenses.
It’s true that you don’t really need to get this kind of car insurance, at least according to the law. That’s true if you don’t get into an accident. But that’s the kind of risk that your non-owners insurance coverage is for. You just never know if you’ll get into an accident. That’s the point of having insurance in the first place!