Car insurance can get expensive, and sometimes seems like a hassle – but it’s required in most states for a reason. In the long run, it will save you lots of money, and stress. Let’s take a look as to why it’s vital, whether your state requires it or not.
You may hate the idea of car insurance… until someone hits you. Then it doesn’t seem like such a bad idea. If someone else causes an accident, and you’re involved – it’s a huge comfort to know you’ll be taken care of.
If you’re the victim in a crash and you need compensation for injuries acquired in the accident, car insurance enables a person to compensate for your injuries who may otherwise not have the financial resources to do so.
Without car insurance, hefty legal fees would be the reality if you wanted any type of compensation. And we know anything that has to do with the court, doesn’t happen over night. It would take time and money to get your end of the bargain – if they even decided to compensate.
With insurance, you can expect to be compensated within weeks.
Lets say you caused an accident. If you didn’t have car insurance, you’d be on the other side of the lawsuit. Which means you’d be the one paying the big bucks to compensate for the accident you caused.
Let’s say the damage and injury compensation costed you $15,000 and you didn’t have the money to pay that. Your credit score would take a serious crash and any big purchase you would want to make in the future would be effected.
Car insurance ensures that the other person is taken car of, and allows you to move on with your life after an at-fault accident.
Repairing a car is expensive. A seemingly harmless dent in your bumper can cost you thousands of dollars. Or in a serious accident, your car could be done for.
Without car insurance, you’d have to pay out of pocket for all repairs. But with car insurance, your car can be fixed or replaced within days.
If you have a loan on your vehicle, your lender will want to know that you have good coverage on your car because the loan is secured by your vehicle.
Lenders are interested in knowing that you have collision and comprehensive coverage as part of your car insurance policy. Both types of coverage specifically protect the physical value of the car, and that’s why they are required by car lenders.
The most important reason to have auto insurance is because it’s illegal not to. New Hampshire is the only exception – but if you have a loan on your vehicle, you’ll need coverage.
It’s for good reasons though – as listed above. In essence, insurance is just a sure way to protect you, others, and the assets involved. No one is invincible when it comes to accidents – don’t skimp out on auto insurance. It’s not worth it.
There are dozens of auto insurers – Which one will give you the best rate?
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