Question:
I bought a non-owners insurace to a car that i do not own but drive every day. What exactly does this insurance cover($ amount or estimate limit of coverage moneywise). I also want to know the Pros and Cons of having Non-Owners Insurance as your coverage.
Answers:
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Well, a non-owners policy excludes any vehicles that are provided for your regular use. So, the policy wouldn't provide any coverage for the vehicle you use every day. It only provides coverage for a vehicle you may borrow ONCE. Your agent should have told you that. Do they know this?? Some may not. In your situation, this is a big waste of money.Did you do this for a company vehicle? If you did, you may want to check with your employer to see if they can provide you coverage for when you use the vehicle for personal use. They will need to check with their insurance.
One thing for sure be sure you are a listed driver on the auto policy on the vehicle, whether personal (you are using a friend's persona vehicle) or commercial.
If I were you, if this is a business vehicle, I would buy an older vehicle that can have liability only (this is normally cheaper than a nonowner policy anyway) and add the extended nonowner endorsement, which WILL respond & defend you for a vehicle that is provided for your regular use. Do you have any other insurance in your household? If so, you should be able to be a driver & then you can add the extended nonowner endorsement too (it can be added for named insured & spouse &/OR a driver). I hope this helps.
Which insurance company would be the best to be with?
A non-owners, or named driver only, policy covers the DRIVER in any vehicle they are driving. The driver's insurance is primary over the vehicle's insurance.Toyota Camry 2005 - When is my car due for inspection ?
The PRO's: you don't have to worry whether the car you're driving is insured
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The CON's: your rate can rise if you're at fault for an accident.
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As every policy is different, and since you just bought one...ask your agent. They went over this stuff with you already. OR, read your policy. And on the off chance you don't have your policy or you don't want to talk to your agent (the one who knows)...why would you purchase something if you didn't know what it was to start with??
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