Can I purchase Car Insurance for a Car I don't own? |
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Answer:
If you lease or finance a car, you don’t technically own it, yet you can purchase car insurance for it. In addition, there is a type of policy called a non-owner’s insurance policy that meets the needs of certain types of drivers such as those who don’t own their own car but frequently drive the cars of other people or rental cars. Non-owner’s policies cover liability but not collision damage to the car you are driving. When borrowing a car from a friend, your friend’s auto insurance remains the primary insurance should a claim occur. However, if the claim exceeds the policy limits, your non-owner’s policy will come to the rescue and cover your liability. If you frequently rent cars and purchase the car rental insurance each time because you don’t have regular auto insurance, you may find that a non-owner’s policy is more cost effective. If you are thinking of insuring someone else’s car that you use on occasion, you may have a tough time finding an insurance company willing to do so because most insurance companies expect you to have an “insurable interest” in the vehicle. If you are able to insure the other person’s car, that person must be listed on the policy.
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