Car insurance is one of the most important things you can have when you own a car. It protects your investment and gives you peace of mind in case of an accident.
However, many people still think car insurance is a waste of money. Well, for one, because it can be expensive. The average cost is $1,655 per year for full coverage. Also, if you’re a safe driver, you may feel like you don’t need it.
But here’s the thing: not having car insurance can result in pretty hefty penalties, including fines, loss of license, and even jail time. So for a bit of help, here are some excellent reasons to get car insurance.
To Pay for Someone Else If You Caused The Accident
If you’re at fault in an accident, your car insurance will likely help pay for the other driver’s damages, up to your policy limit. That includes their vehicle repairs, medical bills, and other costs associated with the accident.
In some cases, it may also cover their lost wages if they can’t work because of their injuries. Imagine if you’re uninsured and you cause an accident. You’d have to pay for all of that out of your pocket.
Yikes. The total bill could go as high as $100,000 – and that’s not even counting legal fees. Then, of course, the other driver could sue you if you’re uninsured, and they’d probably win because you caused the accident.
That’s why carrying car insurance is so important. And trust us, accidents happen to even the best drivers out there. So make sure you’re insured before you hit the road.
Talk to your insurance agent if you’re unsure how much coverage you need. They can help you figure out the right amount of coverage for your situation.
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Most States Require It
Another reason to get car insurance is that most states require it. In fact, driving without car insurance is against the law in most states. So, if you get caught driving without car insurance, you could be fined or even arrested.
Although there are variations in the amounts and types of coverage required from state to state, most states require drivers to have some car insurance. For example, motorists are typically required to have property damage and bodily injury liability coverage.
These types of coverage protect you and other people if you’re involved in an accident. For example, property damage liability coverage pays for damages to another person’s property, such as their car, if you’re at fault in an accident. Likewise, bodily injury liability coverage compensates for the medical expenses of the other driver if you caused the accident.
Some states also require drivers to have PIP (Personal Injury Protection) or uninsured motorist coverage. PIP pays for your medical bills if you’re injured in an accident, no matter who caused the car accident.
If you’re at fault, you’ll have to pay for the damages out of your pocket. And if you can’t pay, the other driver may take legal action against you.
Protect Your Passengers
If you cause a car accident and have passengers in your car, you’re liable for their bills. That may include both medical and property damage expenses.
For example, let’s say you rear-end another car at a stoplight. Both cars have significant damage, and your passengers all go to the hospital with injuries. You’re probably looking at medical bills for each of them and property damage for whatever expensive equipment they carry.
You’re at fault for the accident, they get hospitalized, and their stuff gets damaged. So you’re liable for all these, and with car insurance, your insurance policy would pay for these.
Otherwise, you would have to pay for all these out of your pocket, which could quickly become very expensive.
It gives you peace of mind knowing that you and your passengers are protected financially in the event of an accident that you cause. You’d be hard-pressed to find anyone who would disagree that this is a good thing.
Conclusion
Car insurance may feel like a necessary evil – something that costs money every month without giving anything back. But the truth is, car insurance is one of the most important investments you can make. It protects you, your family, and your assets in the event of an accident.
Be sure to understand what your car insurance policy covers to ensure you’re adequately protected. Or else, you may find yourself in a situation where you’re not covered and end up paying out of pocket. So, take the time to review your policy and ensure you’re getting the coverage you need.