Getting Non-Owners Car Insurance in Florida

Reader’s Question:

I no longer have a vehicle here in Miami, but I do plan on borrowing a friend’s or maybe renting a vehicle from time to time, do you thinks I should still keep my car insurance policy?

Sedgewick

Miami, FL

You may find it more beneficial to convert your car insurance there in Miami, Florida into a Non-owner car insurance policy instead, since technically do not own a vehicle anymore and many of the features and coverage that you are paying for are specifically for those who don’t want to incur financial loss on their own car. Why continue to pay for comprehensive and collision coverage for a non-existent vehicle?

Non-Owners car insurance is definitely more affordable, and complies with your state’s financial responsibility laws since you are still carrying adequate liability insurance coverage in case you cause damages or injure people in a car accident. Some drawbacks of a Non-Owners insurance policy is that it doesn’t pay for your medical or hospitalization expenses in case you do get injured in a car accident while driving a borrowed car but health insurance should cover you for that, if you have one. Coverage also doesn’t extend on rental vehicles, or cars used for business purposes (usually because those vehicles already have insurance of their own).

But you would still be saving a great deal more money keeping a Non-Owners policy as compared to maintaining a full car insurance policy in the long run. This is also a better option since you would likely be able to negotiate better car insurance rates in the future for maintaining at least a minimum form of insurance, than driving without no coverage at all.