48 states legally mandate purchasing car insurance. This means there’s no getting around this law. You need to comply with it or risk losing your right to drive.
Aside from legal reasons, there are other arguments for the importance of having your car insured. They are as follows:
1. For your financial protection
If you find yourself in a vehicular accident and the authorities declare you as the culprit, you will be asked to handle the costs associated with the said incident. These costs will include car repair (for both of your car and the other party’s vehicle) and medical expenses. These liabilities can easily compromise your financial health.
Purchasing car insurance protects you from these unfortunate possibilities.
2. For lease or loan requirements
If you are purchasing a car via a loan provider, chances are you will be asked to supplement your purchase with a comprehensive and collision coverage. The reason for this is your loan provider is after their financial protection, given they are basically funding your car purchase.
3. For vehicle protection
Accidents are not the only risks with owning a car. There are weather-related problems that could arise as well. Consider, for instance, if a cyclone hits your state and your neighborhood becomes flooded. Your car can definitely suffer damage from such a situation.
With a comprehensive car insurance policy, your vehicle will be protected.
4. For passenger protection
Most car insurance policy covers the medical expenses of the driver/owner in the event of an accident. For a higher premium, this coverage can be extended to passengers as well. This is most beneficial to families who carpool all the time.
Purchasing a reliable car insurance policy protects you as well. In exchange of manageable monthly premiums, you are afforded peace of mind. This is a rather worthy investment.