Can I Buy Auto Insurance If I Don't Own a Car?
With so many transportation options, licensed drivers do not have to own vehicles to get around. Once the driver's license is obtained, that driver is authorized to drive any vehicle within her approved driving class, whether or not the driver owns the vehicle. State laws require all drivers to maintain responsibility for their actions while behind the wheel. To ensure that drivers have an opportunity to meet their state's financial responsibility requirements, drivers can purchase auto insurance without owning a vehicle.
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Financial Responsibility
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Though the specifics vary by state, every state requires its drivers to meet the minimum financial responsibility requirements while operating a vehicle on their roadways. These financial responsibility requirements mandate that drivers be financially responsible for the injuries or damages that the driver causes to another person or property while operating a vehicle. These regulations apply to all licensed drivers, as well as all registered vehicle owners.
Non-Owner's Insurance
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The non-owner's insurance policy provides its policyholder with the coverages needed to meet his state's financial responsibility requirements. These coverages include bodily injury and property damage coverages, as well as uninsured and underinsured motorist protection, personal injury protection and medical payment coverages. Not every auto insurance carrier provides non-owner insurance policy options, so you may need to do some research to find the policy that fits your needs.
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Additional Coverages
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Physical damage coverages and other additional coverages, such as rental reimbursement and roadside assistance, are not available under the non-owner insurance policy. As a result, any damages that you cause to a vehicle while driving under a non-owner's policy will not be insured under the policy. If you are found to be responsible for the accident, you will also be directly responsible for repairing or replacing any damage to the vehicle you drove during the accident.
Rental Options
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If you rent a vehicle, the rental agency will provide you with optional insurance options. If you carry a non-owner insurance policy, you can choose to reject the optional liability coverage and simply elect the physical damage coverage options. These coverage options will provide you with comprehensive and collision coverages, which will insure any damages caused to the vehicle. These coverages include damages incurred from fire, theft, and nature and animals, as well as any damages that you cause to the vehicle when colliding with another vehicle or object.
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