Business

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

Published

4 years ago

June 18, 2022

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

AFAN Unveils Plans To Boost Food Production In 2026

Published

1 day ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi

Business

Industrialism, Agriculture To End Food Imports, ex-AfDB Adviser Tells FG

Published

1 day ago

January 9, 2026

The Tide

Former Senior Special Adviser on Industrialisation to the President of the African Development Bank (AfDB), Professor Banji Oyelaran-Oyeyinka, has urged the Nigerian government to urgently industrialise the agricultural sector as a pathway to food security, economic diversification, and sustainable job creation.

Professor Oyelaran-Oyeyinka made the call while speaking at the Oyo State Economic Summit held at the International Institute of Tropical Agriculture (IITA), Ibadan, during a lecture titled “Industrialising Agriculture for Economic Development and Food Security: Enhancing National Economies and Sub-National Entities.”

He cautioned that despite Nigeria’s vast arable land and its position as a leading global producer of crops such as cassava and yams, the country remains food-deficient and heavily dependent on costly food imports.

He highlighted that Nigeria spends over one trillion naira annually importing wheat, rice, sugar, and fish, a persistent trend that drains foreign exchange, undermines local farmers, weakens industrial competitiveness, and fuels unemployment.

The development economist argued that the solution lay in transforming agriculture from a subsistence activity into a modern, industrial enterprise capable of producing surplus, supporting manufacturing, and driving broad-based economic growth.

He explained that industrialising agriculture does not mean replacing rural communities with factories, but rather empowering farmers with technology, skills, infrastructure, and market access to raise productivity and incomes.

According to Professor Oyelaran-Oyeyinka, Nigeria’s low agricultural productivity reflected deeper structural challenges, including weak education systems, limited skills, and inadequate investment in technology and infrastructure.

He noted that countries that successfully transitioned from low-income to middle-income status did so by modernising agriculture alongside industrial development, creating strong linkages between farms, processing industries, and markets.

Oyelaran-Oyeyinka highlighted stark yield disparities between Africa and Asia, noting that cereal yields across African countries remain less than a third of those achieved in East Asia.

This gap, he said, explains why African economies struggle to compete globally and why industrialisation efforts have stalled.

Professor Oyelaran-Oyeyinka outlined key pillars of agricultural industrialisation, including mechanisation, value addition, integrated supply chains, access to finance, improved seed systems, and targeted investment in human and technological capabilities.

He stressed that farms must be treated as “factories without roofs,” capable of feeding into agro-processing, manufacturing, and export industries.

The visiting professor at The Open University in Milton Keynes said the economic benefits of such a transformation would be far-reaching, including reduced dependence on oil, large-scale job creation, significant foreign exchange savings, and stronger national food security.

Drawing lessons from Vietnam, he described how deliberate agricultural modernisation helped transform the Southeast Asian country from a food importer into one of the world’s leading exporters of rice, coffee, cashew, and seafood.

Vietnam’s agribusiness exports, he said, now generate tens of billions of dollars annually and underpin the country’s wider industrial success.

He attributed Vietnam’s success to consistent policies, heavy investment in agro-processing, strong farmer–industry linkages, and the use of special economic zones to drive value addition and export competitiveness.

Oyelaran-Oyeyinka noted that similar models are emerging in Nigeria, including in Oyo State, but warned that they require reliable infrastructure, policy stability, and empowered governance to succeed.

The professor called on state governments to prioritise power, roads, and logistics, strengthen agricultural extension services, and create efficient special agro-industrial processing zones that attract major domestic and international investors.

He also urged the private sector to view agriculture as a profitable business frontier rather than a social obligation, noting that Nigeria’s future prosperity depended less on oil and more on harnessing the productive potential of its land and people.

“We are a nation that can feed itself and others, yet we remain food-insecure and overly dependent on imports. This paradox is holding back our economy.”

“Industrialising agriculture does not erase our rural roots; it transforms them into engines of productivity, wealth creation and national development.”

“Subsistence agriculture is both a cause and a consequence of technological backwardness, and no country has reached middle-income status without first modernising its agriculture.”

“A farm must be treated as a factory without a roof, connected to processing, logistics, finance and markets. Vietnam shows that agricultural transformation is not accidental; it is the result of deliberate policies that link farmers to industry and global markets.”

“The seeds of Nigeria’s prosperity are not buried in oil wells; they are sown in the fertile soils of our ecological zones,” he said.

Lady Usendi

Business

Cashew Industry Can Generate $10bn Annually- Association

Published

1 day ago

January 9, 2026

The Tide

The President of the National Cashew Association of Nigeria (NCAN), Dr Ojo Ajanaku, has said Nigeria could earn $10 billion annually from cashew production, with $3 billion coming from cashew sales alone.

Ajanaku made this known during a press conference organised ahead of the 4th National Cashew Day, scheduled to hold from Jan. 22 to Jan. 24 in Abuja, with the the theme: “Unlocking the Full Potential of Nigeria’s Cashew Industry”.

He said that poor export documentation and weak repatriation of proceeds were causing major losses to the Nigerian economy.

“A substantial volume of cashew exported from Nigeria leaves the country without proper export proceeds forms, as exporters allegedly avoid bringing earnings back into the country,” he said.

He said during the last export season alone, Nigeria reportedly exported over 400,000 tonnes of cashew valued at about $700 million.

Ajanaku noted that deliberate investments in production and processing could unlock far greater potentials.

“If Nigeria produces just two million tonnes of cashew annually, which is achievable in less than five years, and sells at an average of $1,500 per tonne, the country would earn about $3 billion yearly,” he said.

He added that beyond raw cashew exports, enormous value lies in processing and by-products such as Cashew Nut Shell Fluid (CNSF) and cashew cake, which are largely wasted locally.

“In Vietnam, cashew cake alone sells for about 95 cents per kilogram, while in Nigeria processors pay to dispose of it as waste,” he noted.

Ajanaku explained that full local processing of cashew and its by-products could generate not less than $10 billion annually for Nigeria while creating thousands of jobs across the value chain.

He stressed that Nigeria has the production capacity, while countries like Vietnam possess advanced processing technology.

The NCAN President further disclosed that the association is strengthening partnerships with key government institutions, including the Ministry of Finance, the Federal Ministry of Agriculture and Food Security, NEXIM Bank, and other agencies to reposition the sector.

He added that a landmark Memorandum of Understanding has been signed between Nigeria and Vietnam to facilitate technology transfer and deepen cooperation in cashew processing.

He expressed optimism that with sustained government support and effective regulation, the cashew industry could become a major driver of economic growth, foreign exchange earnings, and industrial development in Nigeria.

“Producing states should be given priority. For example, Kogi State, which has the highest cashew production in the country, has no factory. A lot of potentials can come from Kogi State for the country,” he said.

Also speaking, NCAN National Secretary, Augustine Edieme, said strategic plans are being made to showcase Nigeria’s potentials during the 4th National Cashew Day, which he described as a key opportunity to attract bigger investments and investors into the industry.

“We are not just talking about the cashew seeds. We need to crack the fruit shell and discover the value in cashew shells. Industrialisation of the cashew industry is key to driving the Nigerian economy,” he said.

The representative of the Federation of Agricultural Commodity Associations of Nigeria (FACAN), Sunday Ojonugwa, pledged that FACAN would optimally support the cashew association to ensure the sector reaches its full potential.

Lady Usendi