If you do not own a car you should consider buying non-owned automobile insurance.
This insurance will protect you in the event of an automobile accident with either a vehicle which is uninsured or unknown (the “hit and run”) or a vehicle which carries less insurance than your coverage.
We recommend this insurance in order to provide the best insurance protection to you and your family. If you can afford this coverage we recommend it so that you are provided an extra measure of protection in the event of a very serious auto accident.
Assume that you did not own a car, therefore, you had no auto insurance.
Further assume that as a pedestrian you are injured by a hit and run vehicle. You sustain a herniated lumbar disc, and you undergo back surgery. You cannot return to work.
Under the minimal, required coverage of Motor Vehicle Indemnification Corp. (MVAIC), the most that you could recover is $25,000 from MVAIC.
However, let us assume that you purchased a non-owned auto policy with uninsured motorist coverage of $500,000. You could recover the full $500,000 from your own insurance carrier.
The non-owned policy also protects you when you rent a vehicle or borrow someone else’s car.
I recently purchased a non-owned automobile policy for my wife and me with $500,000 Supplementary Uninsured/Underinsured Motorist coverage as well as $500,000 bodily injury coverage. The price? A mere $99.
If you are able to afford non-owned automobile insurance, it is very wise purchase.
Mark E. Seitelman, March 14, 2012, www.seitelman.com.