Auto insurance can be incredibly expensive, and in some cases may be comparable to a monthly payment on a brand-new compact sedan. Spending a car payment’s worth on auto insurance can seem like a lot, but it is incredibly important. Here are 4 reasons why you should have auto insurance on all of your vehicles.
- Financial Protection: If you were to get into an accident, you do not want to have to pay for all of the damages and injuries out of pocket. Auto insurance will help cover the costs in the case of an accident. This can include liability insurance that only covers drivers you hit, all the way to gap insurance that accounts for the other cars, your car, and the depreciation of your car.
- Legality: In most states you are required to have auto insurance, or some form of coverage in order to legally be able to drive.
- Protect Yourself: If you get in an accident, even if it’s not your fault, you will want proof of insurance just in case. Getting involved in accidents with uninsured drivers is not fun, but it is even worse if you’re the one without insurance.
- Lawsuits: Depending on your type of coverage, your insurance company may be the one to help you in court. If the person who hits you is not working with you, or their insurance company is being difficult, your insurance company may do the difficult work of making sure you get what you deserve.
Having auto insurance is essential for driving on the road. Not just because it is required, but also because it gives you peace of mind that you can drive without worry of imminent financial ruin.