Some people feel like insurance policies are nothing but a fraud.
It’s easy to see why they think like that. The rates are usually high, and the situation they cover is only hypothetical. However, such reasoning has its shortcomings.
If you’re a car owner, you’re more than likely to be required to have car insurance. Even if you think that it will never happen to you because you drive carefully, you need to remember that you’re going to meet other drivers on the road. You can never be sure, and it’s better to be safe than sorry. That’s why we prepared the list of 5 important reasons why you should have car insurance. If you want to find out how you can benefit from it, keep on reading!
The most obvious reason why you should get car insurance is that it’s required by state law. Except for New Hampshire, car insurance is mandated in 49 states. If, by any chance, the authorities discover that you’re driving around without valid insurance, you’ll have to pay a hefty fine. In the worst case, you’ll lose your driving license.
On average, each driver files a claim for a collision every 17.9 years. Car accidents happen more often than we care to admit, and they often end up badly. More often than not, people who had a car, truck, or motorcycle accident have serious expenses to worry about, and a recovery process to go through. As such, the help of a professional personal injury attorney is more than needed.
Some insurance policies cover the cost of personal injury. This may come in handy in case of severe injuries to both you and the other party when it’s obvious the trial will be complicated. If you’re not a legal professional yourself, consider hiring one to help you navigate the whole process. You can visit a site like https://www.edbernstein.com/truck-accident-lawyer/ and get more information from an experienced attorney. Their help will be invaluable if you find yourself in deep legal trouble following an unfortunate accident.
Some people are financially stable to such an extent that they can be “self-insured” and believe they’ll be able to cover all the costs in case of an accident. Do you think you’re one of them?
If you think that you’re financially well-off and don’t need car insurance, take a look at this issue from a different angle. If you get into a car accident and you’re determined to be at fault, the other party will want to get compensation from you. Car insurance is going to protect your assets in such a way that it’s your insurance company that’s going to handle compensation claims. You’ve earned your money with hard work. Why lose your savings over a car accident if there’s an easy solution that can prevent it from happening?
Car repairs are getting increasingly expensive. Even small damage to your car may require you to put down a couple of thousand dollars. If the damage is more severe, your vehicle may not be driveable whatsoever. This might be a huge problem, as the vast majority of the US population relies on cars on a daily basis.
Having car insurance allows you to get your car fixed, no matter who was at fault. If you were the cause of an accident and didn’t have valid insurance, you’d have to cover the repair cost out of your own pocket. With the insurance, you can expect that your car will be repaired (or even replaced) fairly quickly.
Car insurance is fairly expensive. However, you don’t have to stick to one provider for the rest of your life. When it comes to insurance rates, loyalty isn’t always rewarded. Sometimes new customers pay much less than those who’ve used the services of the same provider for some time now. As such, it’s advisable to shop for new car insurance every now and then.
Car insurance rates may change for several reasons. There are more favorable policies for new customers or special packages for reaching an important milestone. The rates can even change after you move to another place and get a different ZIP code. For this reason, don’t feel inclined to stick to only one provider. Feel free to do your research, compare and shop around - you’d be surprised how easy it is to find more favorable rates.
Although you might be deterred from getting your car insured due to the price and other reasons, having valid insurance has numerous benefits. Most importantly, it’s going to give you peace of mind because you’ll know it protects yourself, your family, your passengers, and other drivers. In case of an accident, you can be sure that you have the right coverage to take care of the costs resulting from any bodily injury or property damage. Car insurance is mandated for a reason, and having a valid policy is going to give you peace of mind.