Yes, this is called non-owner car insurance in Ontario.
It’s not mandatory, but can be helpful in certain situations. Basically, it covers you if you’re driving, but you don’t own a car. Usually car insurance follows the car, not the person.
For example, if you live in downtown Toronto, and occasionally rent a car to get groceries, or go on a weekend trip, it can be a good idea to get non-owner car insurance.
If you don’t own a vehicle, but are in an at-fault accident, you could end up shelling out your own money to pay for the damages.
So, in short, non-owner car insurance is good coverage to have if you’re borrowing, renting, or using car-sharing services.