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
NASS Engages Agric Minister On Food Crisis
The National Assembly through its joint committee on Agriculture Production Services and Rural Development has engaged the Minister of Agriculture and Food Security, Senator Abubakar Kyari on an urgent solution to food inflation bedeviling the country.
The committee chaired by Senator Saliu Mustapha (APC Kwara Central), at an interface with the Minister, interrogated him on plans being put in place to arrest high cost of food prices in the country and make it affordable and available to the poor masses.
In his response, the Minister said the Federal Government has commenced distribution of 42,000 metric tonnes of grains to some focal points of state capitals nationwide.
“We have received directive and approval from Mr. President to distribute for immediate impact 42,000 metric tons of assorted grains free of charge to the Nigerian population.
“This was received in mid-February, as we are speaking, we have a record of the distribution being carried out, but I will want to plead with the honorable house and distinguished senators that some of the movements can’t be made public but a lot of states have started receiving their grains.
“We are distributing to state capitals in the first instance as you all are aware of the risk involved in the vandalism of foodstuff so we are working with the office of the national security adviser and other national security agencies.
“Furthermore, 58,500 metric tonnes of milled rice from mega rice millers will also be released into the market for stabilisation”, he said.
Speaking with newsmen shortly after the interactive session, Senator Mustapha expressed satisfaction with the steps being taken by the federal government.
He said: “From our interactive session, we are on the other side of the parliament; we are fully in the picture of what is happening, we are convinced that the steps being taken by the federal government are in the right direction.
“All we did again is to further emphasise on the need for certain things to be done on time, I think from this collaborative approach by the grace of God, Nigerians will have a better feel of the government policy on food security”.
Business
Obj Harps On Cheap Credit, Policy Consistency For Food Production
Nigeria’s former President, Olusegun Obasanjo, has called on the government to provide cheap credit and ensure policy consistency to enable farmers increase food production in the country.
The former President made the call as food inflation and nutrition security concerns grow in Africa’s most populous country.
Obasanjo’s made the call at the 9th Agrofood & Plastprintpack conference in Lagos recently, where he said farmers in the country were yearning for consistency in policy and single-digit interest loans to drive growth in the sector and attain food security.
“Policy sustainability and predictability is what farmers want. It helps them to plan. Availability of finance is also what farmers want. They cannot survive on the double digital interest rate”, Obasanjo, who is also a farmer, said at the conference.
According to him, food and nutrition security start with availability, then affordability by ensuring that everyone who needs food can get it.
He noted that food was one of the major imperatives in life, adding that “there cannot be food without agriculture and agribusiness”.
Obasanjo further stressed the importance of agriculture in changing the fortunes of the economy, with attendant exponential gains by way of earnings, employment, food security and other spin-offs.
He noted that agriculture must be made attractive to the country’s teeming youth population, saying this would address the rising unemployment, worsening insecurity and youth migration through the Mediterranean.
“We have to make agriculture attractive to the youths. We have to think within and outside the box to make it attractive to the youths so they are willing to get their hands dirty and feet wet”, he advised.
He continued that “Part of the security issue is owing to our inability to get them engaged. The need for agro-food and agribusiness is for food security, employment, wealth creation and income generation, particularly foreign exchange”.
Speaking also, Wouter Plom, the ambassador of the Kingdom of the Netherlands, said his country had faced challenges similar to those Nigeria confronts – feeding a growing population with limited resources.
He said as partners with a joint vision, the Netherlands and Nigeria recognise that the agricultural sector was one of the prominent drivers for economic growth.
He noted that the Netherlands has further strengthened its partnership with Nigeria to boost the agriculture sector in three main areas- economic growth, improved diets and youth employment.
The ambassador noted that all the challenges in driving growth through the sector, improving diets and tackling unemployment can be addressed when food production is efficient.
Paul Maerz, Managing Director of Fairtrade Messe, said with more investment in agro-food & plastprintpack solutions, products and technologies, brighter days were ahead for Nigeria’s agriculture.
Business
Abuja Farmers, Others Lose N12bn To Ginger Disease
The Federal Government, has confirmed the outbreak of ginger blight epidemic in four States in Nigeria, saying ginger farmers have lost over N12 billion due to the disease.
The government disclosed this at the inauguration of the National Ginger Blight Epidemic Control Taskforce in Abuja, revealing that the fungal disease had inflicted significant damage on ginger farms in Kaduna, Nassarawa Plateau and the Federal Capital Territory.
The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the blight had caused billions of naira in losses, impacting not only the livelihoods of farmers, but also Nigeria’s position as the world’s second-largest ginger producer.
“Our preliminary estimates suggested that affected farmers in southern Kaduna lost over N12bn.
“Furthermore, considering that over 85 per cent of Nigeria’s ginger cultivation occurs in this region, we can safely assume a substantial loss of cultivated land, potentially exceeding 70 per cent of total land”, he stated.
Abdullahi, however, stated that the Federal Government through the National Agricultural Development Fund would launch a N1.6bn recovery package for affected farmers in ginger-producing areas.
He said the ginger blight epidemic served as a stark reminder of the importance of preparedness in safeguarding agricultural resources, adding that by investing in research, extension services and farmer support systems, “we can build a more sustainable future for our agricultural sector”.
On his part, the Chairman of the task force committee, Abubakar Abdullahi, said there was no doubt that the blight on ginger had negatively affected the Gross Domestic Product earnings from this subsector.
“It is of necessity and great urgency that various subcommittees are put in place to forestall these negative effects”, he stated.
Abdullahi assured the minister of the commitment of the team to salvage the situation, as he pleaded with the minister to give the committee the power to co-opt members that would add value to the task force to discharge their duties efficiently and effectively.
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