There are various reasons why you should have car insurance for your car. Research shows that 1 in 8 drivers do not have insurance on their vehicles. Insurance not only protects your vehicle, but it protects you as well in the event something was to happen. Even though most people would think they are saving money by not having it, they are just cheating themselves.
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Saving
One of the first reasons you should have car insurance is because you can save a lot later and pay just a little bit now. Each year, there are about 6 million car accidents. Every time that you take your car out for a drive, you are putting your bank account at risk. A car insurance policy gives you financial protection as well as other asset protection.
For example, if you choose an insurance policy that is equipped with comprehensive and collision coverage as well as medical coverage, you can save thousands of dollars after an accident occurs.
Time-Saving
Having car insurance also helps save time and inconvenience if an accident were to occur. Your insurance company would walk you through all the necessary steps if you were to get into a car accident. For example, they will help you through the claim process, and even help you in finding a repair shop for your vehicle.
Most insurance companies will also work hard to get your claim settled quickly. If the other motorist were not insured, your insurance company would be able to help you recover any costs for that matter.
Accessibility
Having car insurance also gives you peace of mind. You can find various car insurance quotes online quickly. However, just having financial protection alone should provide you with peace of mind. For example, you can breathe easier knowing that you are protected from drivers who text while driving and those reckless drivers out there. You never know when an accident is going to occur because drivers are not predictable.
Coverage Options
Having car insurance is great for supplementing your health insurance. For example, if you were to be injured in a car accident and do not have any health insurance coverage, your car insurance can help. There are insurance plans that you can choose from that cover injury from a car accident that you may have received as either the driver or passenger of a car. Car insurance policies may also be able to pay for funeral costs and even dental work. These are things that your medical insurance may not even cover.
Car Note Conditions
If you are paying a car note, your lender may require you to have car insurance. Depending on the lender, they may even need your insurance deductible to be at least $500. Lenders usually have a say-so about car insurance because they are typically the lienholder of your car while you are still paying off your loan.
Having car insurance alone will protect both them and you. For example, collision or comprehensive coverage can help to pay for repairs if something were to happen to your car in an accident.
On the other hand, if you have gap insurance, your policy can help pay off the loan of the car if the car is totalled. For example, if your car gets totalled in an accident, you will not have to continue making payments on a car that you no longer have.
Country Law
Finally, it is the law to have car insurance. For example, if you get pulled over by the police for a traffic stop, and you do not have any proof of insurance, you will get ticketed. Many states require at least liability car insurance at the bare minimum if you do not have full coverage.
Driving without car insurance may even result in your driver’s license being suspended. Some states may also impound your car if you are caught driving without car insurance. Having a suspended license is not fun.
Compare Quotes
There are various websites that you can use to obtain a quote online. You can even call multiple companies to get a quote. However, if you want to spare some time, you can compare quotes from multiple insurance companies all at once. Quotes will vary depending on the type of coverage you select.
The more coverage you have, the better protection you will receive. Having car insurance protects not only you but others. It also protects your financial assets. It is illegal to drive without car insurance, and if you are caught without it, you can receive hefty fines and a license suspension depending on the state that you live.