Cheapest Non-Owner Car Insurance In Colorado 2024

Non-owner car insurance is designed for individuals who frequently rent or borrow vehicles. In Colorado, such policies provide liability coverage that meets the state’s minimum legal requirements. The average annual cost of a non-owner car insurance policy in Colorado is $301. This insurance is particularly beneficial for those who don’t own a car but still drive occasionally, ensuring they have the necessary liability coverage as mandated by Colorado law.

With 15 years of experience in the insurance field and over 35 years as a car insurance buyer, I’m familiar with the insurers mentioned in this guide and have used several myself. All are reliable, but each one offers unique advantages to Coloradians.

What Is Non-Owner Car Insurance?

If you often find yourself driving vehicles that don’t belong to you, such as rental cars or those borrowed from friends or family, it may be wise to look into non-owner car insurance.

This insurance primarily provides liability coverage. If you’re responsible for an accident while driving someone else’s vehicle, your non-owner policy can cover the medical and repair expenses of the other party involved.

Some insurance companies might offer additional options like uninsured/underinsured motorist protection and personal injury protection.

However, it’s essential to understand that non-owner insurance typically does not cover comprehensive or collision damage. This means that any damage to the vehicle you’re driving may not be included in your coverage.

For those who frequently rent cars or borrow vehicles, non-owner car insurance can be quite advantageous. It adds a layer of security beyond the coverage that the vehicle’s owner already has.

In many instances, it can be more economical than always opting for rental company insurance.

Additionally, holding a non-owner policy helps maintain continuous insurance coverage, which could lead to lower premiums if you decide to buy a vehicle in the future.

Average Cost Of Non-Owner Car Insurance In Colorado

The world of non-owner car insurance can be confusing, with so many auto insurance providers and varying rates. It’s vital to make an informed decision, especially when considering the costs involved.

To help clarify things, we’ve created a comparison chart that shows the average prices of non-owner car insurance from five major providers.

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

As with full coverage car insurance, non-owner car insurance rates are steepest for teenage drivers, gradually decreasing each year until age 55.

The following are sample rates for non-owner car insurance in Colorado for ten different ages.

What Is SR-22 Insurance?

An SR-22 is technically not classified as an insurance policy; rather, it is a vehicle liability insurance document required by many state DMVs for “high-risk” insurance policies.

This form, filed by your insurance company, provides proof that you maintain the minimum liability insurance coverage mandated by your state.

It is commonly required for drivers whose licenses have been suspended due to traffic violations, DUIs, or other serious offenses.

The SR-22 functions as a certificate of financial responsibility, confirming that the driver has the necessary auto liability insurance coverage. Its main purpose is to ensure that individuals are maintaining the required level of liability insurance.

Typically, this document is required by the state or through court orders, particularly for high-risk drivers. The insurance company submits this form to the state, and if the policy lapses at any point, the insurer must notify the state.

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

Surprisingly, Colorado’s non-owner car insurance averages $290 annually, lower than the national average of $353. Rates in the 12 most populous states:

Average Cost Of Non Owner Car Insurance In Colorado Cities

Shown are the indicative prices for five smaller Colorado towns.

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

The population size of a city is key in determining car insurance costs. Cities with more traffic generally see higher insurance rates.

Should You Get Non-Owner Car Insurance In Colorado?

Non-owner car insurance is an auto insurance policy made for individuals without a car who still drive from time to time. It offers liability protection if you cause an accident while operating a rented or borrowed vehicle.

In Colorado, different types of people should think about acquiring non-owner car insurance.

Frequent Renters And Borrowers

For those who regularly rent cars or borrow from friends and family, non-owner car insurance is an excellent option to consider. While rental companies do offer insurance, it can be quite expensive if you rent frequently.

Additionally, although the owner’s insurance might cover some incidents, having your own policy ensures you’re protected without affecting their premium.

Public Transport Commuters With Occasional Driving Needs

A lot of Coloradians utilize public transportation or rideshare options for their daily commutes, driving only sporadically. You might be among them if you live in an urban area with great public transit or if you prefer biking or walking most of the time.

However, there may be times when driving is necessary. In those situations, having non-owner insurance provides the financial protection you need.

Individuals Trying To Maintain Continuous Coverage

Insurance companies often see drivers without continuous coverage as high-risk, potentially leading to higher rates when you want to buy a car. If you’ve sold your vehicle and will be without one for a while, opting for a non-owner policy can help maintain your insurance history. This is particularly useful when you’re ready to purchase a car again.

Minimum Car Insurance Requirements In Colorado

According to the Colorado General Assembly, drivers in Colorado are required to carry liability insurance. The following coverages are required by the state:

• $25,000 for bodily injury or death to any one person in an accident;
• $50,000 for bodily injury or death to all persons in any one accident; and
• $15,000 for property damage in any one accident.

What Does Non-Owner Car Insurance Cover?

A non-owner car insurance policy mainly provides liability coverage, which covers costs related to bodily injury or property damage you may cause to others in an accident. It’s important to keep in mind that this policy does not cover damages to the vehicle you’re driving; those are typically covered by the owner’s insurance.

Some policies may also offer optional features such as medical payments or personal injury protection (PIP) to cover your medical expenses after an accident, regardless of fault. Additionally, uninsured/underinsured motorist protection is another feature that can be added to safeguard you in case you collide with a driver who lacks adequate insurance.

However, it’s essential to understand that non-owner car insurance does not include comprehensive or collision coverage, which means damages to the vehicle you’re driving due to theft, vandalism, or accidents are usually not included.