Non-Owner Car Insurance In Colorado 2024

More and more Colorado people are choosing to share or rent cars instead of dealing with the costs of ownership. Non-owner car insurance provides a safety net in such cases, offering financial protection and reassurance.

With 15 years in the insurance industry and over 35 years buying car insurance, I have a deep understanding of the providers in Colorado and their respective advantages.

Rates For The Cheapest Non Owner Car Insurance In Colorado

Rates For The Cheapest Non-Owner SR-22 In Colorado

Cheapest Non-Owner Car Insurance Rates With A Clean Driving Record

What Is Non-Owner Car Insurance

If you often drive cars that aren’t yours, whether they’re rentals or borrowed from friends or family, you might want to think about non-owner car insurance.

This type of insurance mostly covers liability, so if you’re in an accident while driving someone else’s car, your policy can pay for the other party’s medical bills and repairs.

Some insurers might also offer extras like protection against uninsured drivers or personal injury coverage. Just keep in mind that non-owner insurance typically doesn’t cover damage to the car you’re driving.

It’s a good choice for people who frequently borrow or rent cars, giving them an extra layer of protection. Plus, it could be cheaper than always buying insurance from the rental company.

And having this type of policy ensures you have continuous insurance coverage, which might lower your future premiums if you decide to get your own car later on.

What Is SR-22 Insurance?

SR-22 isn’t your typical insurance policy; it’s more of a documentation of your vehicle liability coverage. Most state DMVs require it for high-risk insurance policies, serving as evidence that you’re meeting the minimum liability insurance requirements.

This paperwork, handled by your insurance provider, is vital for individuals facing license suspension due to traffic violations or serious offenses such as DUIs. Essentially, it confirms your financial responsibility by showing you’ve got the necessary auto liability insurance.

Usually, it’s mandated by the state or court, especially for high-risk drivers, and your insurer must keep the state informed if your coverage lapses.

Average Cost Of Non-Owner Car Insurance In Colorado

Non-owner car insurance can be complex, given the array of providers and pricing structures. It’s crucial to comprehend the financial impact of your decision.

To aid you, we’ve devised a comparison chart showcasing rates from five major providers.

How Much Is Non-Owner Car Insurance In Colorado – By Age?

Non-owner car insurance in Colorado follows a pricing pattern akin to full coverage car insurance, where rates are highest for teenagers and decrease annually until age 55.

Provided are sample rates for various age groups.

How Non-Owner Insurance Rates In Colorado Compare To Rates In Other States

It’s surprising that non-owner car insurance in Colorado costs an average of $290 per year, coming in lower than the national average of $353. Let’s take a look at the rates in the 12 most populated states:

Average Cost Of Non Owner Car Insurance In Colorado Cities

Below are the typical fees for five small municipalities in Colorado.

How Much Is Non-Owner Car Insurance In Colorado’s 10 Biggest Cities?

Where you live matters in car insurance pricing. Big cities with busy roads often mean higher premiums for residents.

Should You Get Non-Owner Car Insurance In Colorado?

Non-owner car insurance is for those without their own vehicle but who still drive sometimes. It gives liability coverage if you have an accident while driving a car you’ve rented or borrowed. Some people in Colorado should look into buying this insurance.

Frequent Renters And Borrowers

If you’re someone who frequently borrows or rents cars, non-owner car insurance is worth considering. Though rental companies offer insurance, it could get pricey if you’re a frequent renter.

Similarly, while the owner’s insurance might cover some accidents, having your own policy ensures you’re safeguarded without affecting the owner’s premium.

Public Transport Commuters With Occasional Driving Needs

Public transit and rideshares are the go-to for many Californians during their daily travels, saving their personal driving for special occasions. If you’re in this group, it’s likely because you reside in an urban spot with excellent public transportation or because you’re a fan of biking or walking.

Yet, there are times when driving is inevitable, and non-owner insurance steps in to provide the necessary financial safety net.

Individuals Trying To Maintain Continuous Coverage

When drivers don’t have continuous insurance coverage, insurance companies often consider them high-risk, resulting in higher premiums when they buy another car. If you’ve sold your car and won’t have one for a bit, a non-owner policy can help you maintain your continuous coverage and keep your insurance history intact.

This can be really handy when you do eventually get another car and need standard insurance.

What Does Non-Owner Car Insurance Cover?

If you don’t own a car but still want insurance, a non-owner policy is what you need. It focuses on liability coverage, meaning it pays for others’ injuries or property damage if you’re at fault in an accident.

However, it won’t cover any damage to the car you’re driving; the owner’s insurance handles that. Some plans might include extras like medical payments or personal injury protection, which cover your medical bills regardless of who’s to blame.

You can also add uninsured/underinsured motorist protection to safeguard against drivers with insufficient insurance. Just keep in mind that non-owner insurance doesn’t cover theft, vandalism, natural disasters, or collisions.