What You Should Expect to Pay for 1-Day Car Insurance

Sometimes, you just need car insurance for a short time. There are many reasons why you might need car insurance for only one day, and auto insurance companies are responding to this consumer need. Prices vary, but the cost of one-day car insurance is nothing compared to the cost of an accident not covered by insurance.

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The cost of one-day auto insurance is based on many factors, just like normal car insurance policies. There are a few different requirements, however, but it is just as easy to find car insurance coverage for just a day.

One-Day Car Insurance Explained

One-day car insurance is exactly what it sounds like: auto insurance coverage that just lasts for a day. You can get it for longer than a day, though! Also referred to as short-term auto insurance coverage, you can purchase a policy by the day, week or even by the month. Generally, you are charged a flat fee per day, such as when you buy travel car insurance.

Usually, short-term car insurance policies can be in effect for up to 28 days, but each state makes its own rules and regulations concerning auto insurance. You can search you state’s Department of Insurance by linking through the map provided by the Insurance Information Institute.

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Why You Would Need Insurance for Only One Day

There are many common instances that might call for purchasing car insurance for one day or a week.

Obviously, this coverage is not meant to replace a normal car insurance policy on your current vehicle; but what if someone else will be borrowing your vehicle?

The industry leaders at the National Association of Insurance Commissioners claim that other drivers are usually covered under your policy when they drive your vehicle; but they always add that some insurance policies exclude coverage when other drivers operate your vehicle. You have to review your policy to find out. A one-day car insurance policy would ensure that the other driver and your vehicle were also insured, making your liability for an accident or loss zero.

Furthermore, you might want to get one-day car insurance coverage if you are renting a vehicle. Generally, your car insurance covers a rented vehicle to a point, but you need to have collision and comprehensive coverage also. If you don’t carry optional coverage, you can buy a short-term policy to cover the need.

Another reason why you might need to get auto insurance for just a few days is when you buy a car. Your lender will require proof of insurance, and so does your state’s Department of Motor Vehicles when you register your car. Yet there may be instances, such as if you pay in cash or buy from a private seller, that no one will require you to show proof of a long-term insurance before you drive away.

The Virginia Bureau of Insurance recommends in its Auto Insurance Consumer’s Guide that you have insurance the day you are going to take ownership of a vehicle. If the title is signed and the keys are in your hand, then it is in your best interest to have insurance coverage to protect your asset.

Furthermore, you might want the coverage when you are test-driving a private vehicle or you are borrowing someone else’s car. You need to ensure that you are protected in case of an accident. Whoever you are borrowing the vehicle from may claim to have insurance, but that might not be the case. The latest data from the Insurance Research Council found that about one in seven drivers in the United States do not have auto insurance coverage. Alternatively, they might not have enough coverage in your view, so you want to get just a bit more.

Lastly, buying car insurance for just one day at a time is a rising trend in major metropolitan cities that have many choices for public transportation. Many city dwellers own vehicles, but they rarely drive them. Buying auto insurance coverage for just one or two days at a time is a cost-effective way for such drivers to insure their vehicle.

How Much it Costs

Car insurance policies that only last for a day vary in price, just like regular car insurance. It will depend on your driving history, the vehicle being insured, where you live, etc. Companies that offer short-term auto insurance generally check your information just as regular car insurance companies do.

One way to get an estimate is to crunch the numbers based on your current car insurance costs. There are roughly 180 days in a six-month period, the average length of a standard auto insurance policy. Divide the total amount of you premium by 180, and that is how much you pay for car insurance every day. Your costs for short-term insurance will likely be around that amount per day. Remember, it is a ballpark figure only, and short-term insurance might cost a little bit more.

The coverage that you elect to buy will also affect the cost. Liability coverage by itself is all that is mandated by state laws, but you may wish to buy optional coverage such as collision and comprehensive.

Such optional coverage will raise the overall cost of any type of auto insurance.

Best Drivers Get the Best Rates

Just like with standard insurance, those drivers with clean driving records will get the best rates on short-term car insurance. If you have multiple violations on your driving record for the last three years, you may find it difficult to find a one-day car insurance company who will offer you coverage.

Companies that offer one-day car insurance are assuming more risk than standard car insurers. You are paying a fraction of the price of a regular car insurance policy, but you still receive similar claim payouts if you have an accident or suffer a loss.

If you have too many violations, than you present a bigger risk than such companies are willing to take on. By only insuring safe drivers for a day or a week, they are attempting to guarantee that they won’t have to pay out on a lot of claims.

They are a business, and they are trying to make a profit.

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Other Requirements

Some car insurance companies that offer short term insurance also won’t cover young drivers. Again, according to statistics, young drivers have a much higher risk of getting into an accident. They are more likely to be distracted by friends and electronics, they are more likely to speed and they are more likely to make rookie mistakes.

Some one-day insurers won’t insure drivers who are under 21; others put the minimum age at 25. If you are a young driver looking for coverage for a day or so, keep looking! Not all one-day insurers have this rule.

Similarly, many companies that sell one-day insurance also won’t insure older vehicles. It just isn’t profitable if you get into an accident to fix an older vehicle. The damages will likely amount to more than the vehicle is worth. However, these are generalities, not fixed rules.

Good Credit

Another aspect that short-term insurance companies look at is your credit history. They do this for the same reason that normal car insurance companies do. Insurance underwriters claim there is a statistical connection between a poor credit score and a poor driving history.

Essentially, anyone with bad credit presents a higher risk to insurers. Short-term insurers are much more wary of risk, so a poor credit score might increase your one-day insurance rates or keep you from getting the coverage at all.

Where to Find One-Day Insurance

There are many different ways to find car insurance for just a day, a week or a month.

They key to getting the best rate is to compare prices.

Get a quote for one-day coverage from as many sources as you can, and then go with the one that you think is best.

First, you should check with your current insurance company. Explain your situation, and inquire about what they may be able to offer you. Make sure that you get a quote from whomever you speak with. They will need details such as the make, model, and year of the vehicle, other drivers, and what the vehicle will be used for. The cost might be more than from other providers, but you will also know exactly whom you are dealing with.

Another option is to get quotes from individual companies that just specialize in short-term car insurance. You can generally do this over the phone or on the company’s website. Just as with any new insurance, you need to make sure that the company you are considering is legitimate before you spend any money.

Another option is to get many quotes in one go. Comparison websites do exist for short term car insurance, or those that compare standard insurance have a short-term option. You fill out the required information first, and then multiple companies reply to your request with quotes to fulfill your one-day, one-week, or one-month insurance needs. The key is to always shop around and compare prices.

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