Business
Non-Owner Car Insurance: What Is It and Who Should Have It?

The basics of auto insurance seem very simple on the surface. You have a car, you want to drive it, so you get a driving license and of course, an auto insurance policy. The type of auto insurance policy is also easy to understand; get liability insurance with the minimum coverage limit and you are good to go. There are however some instances when things get complicated. For example, what if you want to drive, but you don’t have a car. Or when you get your license suspended?
Insurance companies will not give you any auto insurance policies if you don’t have a registered car to your name, or if your license has been suspended. And walking 20 miles every day to your work or for other emergencies is not the best idea, and neither is driving without auto insurance. This is where non-owner car insurance policies come in and it can save you from a lot of hassle, and legal trouble as well.
What is Non-Owner Car Insurance
The great thing about the names of some auto insurance policies is that they are self-explanatory. A non-owner car insurance policy is an insurance policy for someone who does not own a car. But why can’t people with no car get an auto insurance policy?
Insurance companies are risk management companies. These companies charge a fee to take your side of risk so that in case of an accident caused by you, you don’t have to pay from your pockets. This is applicable when you have a car that’s registered to your name. When you don’t have a car (that you own), then there’s an issue of insurable interest.
Insurable interest means that the car (that you don’t own) is not in your financial interest. Since you have not invested your money in the car, you don’t have any stake in it. Why would you care to drive the car carefully? The chances of you crashing or damaging the car is higher when it is not your insurable interest.
This is when non-owner car insurance policies come in. This insurance policy allows you to get car insurance even if you don’t own a car or you are renting a car for a trip. Non-owner car insurance is your best option if you intend to drive someone else’s car or rent a car often.
What Does it Cover
Non-owner car insurance coverage is exactly like liability coverage. It has three different coverage, one for bodily injury liability per person, one for bodily injury liability per accident, and property damage liability. The coverage limit depends on the policy you choose and the price of the policy.
Do note that non-owner car insurance policies can be a bit expensive since they are taking on more risk than normal insurance policies have. This is why you should compare as many insurance companies as possible and look at their prices. Get the non-owner insurance policy that costs the least, has the lowest premium rates, and provides the best coverage.
What Non-Owner Insurance Does Not Cover
Non-owner insurance just covers the liability and it can be claimed by the other person, not the policyholder. For example, if you cause an accident and the other person sustains injuries and damages to their car or property, your liability coverage will pay for the medical treatments and repairs of the vehicle.
Non-owner insurance policy does not cover collision or comprehensive insurance policy. This means that any damage to the car that you are driving will not be covered under this policy, whether it is parked or moving. You’ll have to pay from your pockets for the repairs. Since it also does not include comprehensive coverage, if there is any damage to your car due to hailstorms, fire, earthquakes, and other natural calamities or theft, well, tough luck.
When Do You Need Auto Insurance
Most of the time, if you own a car and want to drive, general insurance is enough. If you want to drive your friend’s car or maybe a car that belongs to someone in your family, you can request them to add you as a driver to their insurance policy and that would be fine. But there are specific cases when you need to get a non-owner car insurance policy.
Suspended License
If for some violations your driver’s license has been suspended but you need to drive a car for emergencies and commuting to your office, you can apply for a non-owner car insurance policy (as insurance companies won’t give you a general policy), along with an SR-22 or FR-22 form that proves you have an auto insurance policy. Remember that SR-22 is just a legal form that shows you have an insurance policy. It is usually provided by the insurance company once you get a non-owner insurance policy.
You’re a Serial Car-Renter
Some people spend their lives avoiding the road, while some spend most of it there. If you belong to the latter, and you rent cars a lot, then a non-owner insurance policy is the one you should get. It helps you save cost, provides the coverage you need to drive securely, and does not require you to show a registered car to your name. Just note that some car rental companies will make you pay extra for comprehensive and collision coverage.
Cost of Non-Owner Insurance Policy
The cost of a non-owner insurance policy depends on multiple factors, just like general auto insurance policies do. Important factors such as your driving record, previous insurance claims, the amount of coverage, your age, gender, etc are considered when deciding the cost of the insurance.
If you have had your license canceled, you will have to pay a higher amount for the policy since the insurance companies see you as a high-risk individual. A ballpark figure for the average cost of a non-owner insurance policy would be somewhere around $250 to $650 per year. There is a chance that you might get a higher quote than this estimate, but for most people, this will be a range.
Business
Redeployed Customs Officers Assume Office At New Posts
Redeployed Zonal coordinators and controllers affected by the recent swapping exercise in the Nigeria Customs Service (NCS) have since taken over their new posts.
Assistant Comptroller General and Comptrollers affected by the change of batons have gone into action in the respective Zones and Area Commands respectively.
As at Press time, ACG Bello Jibo, the new Coordinator, Zone A, has begun to hold forth at the Harvey Road Zonal Headquarters in Yaba, Lagos.
Comptroller Dera Nnadi, Jaiyeoba, and Shuaibu have resumed their duties as Customs Area Controllers of Tincan Island Port, Apapa and Idiroko Commands respectively.
Comptroller Timi Bomodi has also begun overseeing customs activities at Seme-Krake Border Command.
In an exclusive chat with The Tide, Chairman, Seme Chapter of the Association of Nigeria Licensed Clearing Agent (ANLCA), Chief Oyekachukwu Ojinma (aka Sule) described the outgoing Controller of the Command, Comptroller Dera Nnadi, as a very hard-working and dedicated man, while welcoming the new Customs Area Controller to the border post.
The ANLCA Chairman expressed his wish for a successful tenure of office for Compt. Timi Bomodi.
By: Nkpemenyie Mcdominic, Lagos
Business
‘Electricity Act Will Transform Power Sector’
Minister of Power, Adebayo Adelabu, has stated that the recently signed Nigerian Electricity Act, 2023, will play a fundamental role in transforming the power sector.
According to him, it will unlock the potential of the energy mix and promote the integration of renewable energy technologies into the grid system.
Speaking at the ongoing Nigeria Energy Conference and exhibition in Lagos, Adelabu said the Act aims to create an environment that supports sustainable growth and investment in the power industry by focusing on accelerated private investment and the promotion of renewable energy sources.
“As a game-changer that reformed the NESI, the Electricity Act will, undoubtedly, engender increased access to electricity and regulatory oversight, clean energy transition, improved service delivery, and infrastructural developments.
“In particular, the act will stimulate economic growth by creating a conducive environment for investment and competition. It will generate job opportunities, encourage entrepreneurship, and attract foreign direct investments”, he said.
The Minister called on operators in the power sector to intensify their efforts towards improving communication with the general public, emphasising that the Nigerian masses have a lot of roles to play in safeguarding power infrastructure.
He said issues such as vandalism, passing of meters, and damage to TCN and DisCo infrastructure must be addressed holistically to make significant gains in the power sector.
Adelabu emphasised that the power sector is a cornerstone for economic growth in the country and that the gains made over the years in the power sector can only be consolidated by unlocking equity investments and funds for power development.
He said: “Of course, a lot of investment is required in the power sector. In three weeks, I’ve seen humongous investments that have come into this sector.
“But what are the steps that are required for those investment opportunities to reap the benefit of those investments, additional investments in the form of equity and capex need to come into this industry.
“The power sector is not an industry for short-term players to invest in less than two to three years and expect to make maximum benefits.
“The industry requires medium to long-term investments. Investors must understand that the moment we can break even, we will start making profits in the power sector.
Adelabu also urged operators in the NESI value chain to improve their service delivery, adding that Nigeria’s energy expansion plan of 60,000 Megawatts by 2060 is an achievable target.
He, therefore, called on gas companies, GenCos, TCN, and DIScO to showcase their success stories in generating and transmitting power to the last mile that pays for all the segments of operators in the value chain.
Business
‘Nigeria Loses $1.5bn Annually To Malnutrition’
Minister for Budget and Economic Planning, Abubakar Bagudu, has said Nigeria loses $1.5 billion of its Gross Domestic Product (GDP) annually due to micronutrient deficiencies.
Bagudu therefore called for coordinated efforts to ensure a swift response with expected positive outcomes.
A statement released by the Ministry said the Minister disclosed this, last Tuesday, while speaking at the 53rd Annual General Meeting and Scientific Conference of the Nutrition Society of Nigeria in Abuja.
In the statement, Bagudu noted that the government was determined to tackle malnutrition through the inclusion of nutrition in the National Development Plan, and the Nigeria Agenda 2050.
“It is also a commitment to achieving optimal nutrition status for all Nigerians with particular attention to the vulnerable group as highlighted in the National Multisectoral Plan of Action for Food and Nutrition”, he said.
Bagudu, who urged experts in nutrition in the country to research and develop innovations that will boost nutrition, explained that doing this “would contribute towards achieving Sustainable Development Goals (SDGs), ensuring Universal Health Coverage, and bringing about significant positive changes in the nutrition sector in Nigeria”.
He told members of the Nutrition Society of Nigeria “to prioritise innovation and research in the field of nutrition towards the attainment of Sustainable Development Goals, Universal Health Coverage and transformation of the landscape of nutrition in Nigeria.
“Nigeria currently requires nutrition professionals who have extensive knowledge, good communication skills to address nutrition education, emotional intelligence as well and a good understanding of self-motivation and drive to address nutrition dynamics”.
The Minister urged the NSN to embrace technology, leverage digital solutions, and invest in research and development to find sustainable and scalable solutions to Nigeria’s nutrition challenges.
He assured members of the NSN that his ministry would strengthen coordination and provide the required leadership for the nutrition sector.
The Kwara State Governor, AbdulRahman AbdulRasaq, in his goodwill message, said the Nigerian Governors’ Forum (NGF) had identified areas of key commitments for the realisation of a healthier citizen and country, including increasing budgetary spending on nutrition and strengthening the nutrition profile.
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