To buy a non owner car insurance policy, you simply need your drivers license number, current address and a valid credit or debit card to purchase it. The exact same process applies to those who have owned a car for at least a year but are still not able to register their car because of one reason or another. These people can then apply for a Non owner car insurance Texas policy to cover them in case they meet with an accident. However, there are many advantages of buying this kind of policy. To help you better understand these benefits of this type of coverage, read on.
One benefit is that non owner policies have significantly low liability limits. This means that you will not have to worry about being sued because someone gets hurt in a wreck you caused. In the event that your vehicle gets damaged in some way, the other parties can still pursue you legally because you were not legally responsible for the accident. On the other hand, if you had a non owner policy before, your liabilities will be capped at the actual value of the vehicle itself, regardless of the total cost of repairs. If you do not own the car anymore, you cannot make any claims against the auto insurance company either.
Another good thing about non owners car insurance is that it does not restrict your driving record. However, this coverage does not come cheap. The amount of premium you pay will depend on the type of policy you opt for. For instance, the premium will be higher if you go for the full liability coverage plan than the basic one. The same applies to the collision coverage.
The two types of plans are offered by many insurance companies. The basic one is the non owner policy. This covers you and your vehicle in case you get involved in an accident without the others being held liable. The liability limits are calculated by totalling the cost of repair for both cars involved. For this reason, the non-owners policy often has a higher premium than the standard one.
You can also go for the full coverage sr-22 insurance Nevada policy. As the name implies, this plan covers you in case you are in a mishap, but you are not the person who owns the vehicle. The premium remains the same as for the standard plan. However, the good part is that you will get regular access to a lawyer. The plan also restricts the amount of premium you pay to the premium price of the vehicle, the policy and its value.
It must be noted that the rates for these non-owner policies are higher than regular auto insurance. However, if you do not own the vehicle, you will be required to buy the policy. Some of the companies also offer you the option of purchasing the non-owner liability coverage separately from the regular auto insurance. For this, you will have to pay more premium. It is better to check out all these facilities before zeroing in on a policy. It's good to click on this site to learn more about the topic: https://en.wikipedia.org/wiki/Auto_insurance_risk_selection.
