Buying a car (being it new or used) requires a lot of money. So, when it comes time to purchase insurance, or even renew it for that matter, you’re probably thinking, “Is it even worth it?”.
Well, the short answer is yes, but to give you an explanation, we are going to discuss 5 different reasons why.
Interested in learning more? Then keep on reading.
It may be required
Apart from New Hampshire and Virginia, all other states in the US require you to have your car insured, but even if you live in one of these two states, you won’t get off scot-free. Virginia law states that a $500 uninsured fee much be paid each year if you choose not to get it. In New Hampshire, you also need to be able to satisfy the motor vehicle financial responsibility requirements. This includes being able to cover damages and injuries that you might cause.
It will protect you and others
Vehicles are dangerous, and even the most skilled drivers can sometimes end up in an accident. If this does occur, insurance helps ensure that you can pay for both yourself and your passenger’s medical care as well as any damages to your vehicle. While your coverage depends on what plan you have, it really can be a lifesaver.
However, if you’ve been injured in an accident, you should also look into getting legal assistance, especially if you believe you are a negligence victim. In some cases, you may be able to secure a higher settlement than what was initially offered. Check out State Farm accidents for more information.
It saves time and hassle
If you crash your car without having insurance, the fallout is going to be extensive. You need to do everything yourself, from negotiating with other involved drivers to handling all of the expenses. This is an extremely time-consuming process and can make anyone stressed and anxious. Having that extra backup means it will be sorted out much more quickly, and you can get back to living your everyday life.
It offers financial protection
As mentioned above, medical care and car repairs can be costly if you’ve been involved in an accident, sometimes costing tens of thousands of dollars. Insurance ensures that you don’t need to dip into your savings so that your finances are protected. If you’re worried about the initial cost, then check out these ways to save money on car insurance. You might be eligible for a discount.
You’ll have peace of mind
Lastly, because of all the above, you’re going to have greater peace of mind when you purchase insurance. Whenever you’re on the road, you can rest assured knowing that you are financially protected and can take care of both yourself and your passengers. Yes, it’s another expense to budget for, but at the end of the day, it’s worth it. However, you should keep in mind that although the bare minimum will be the most affordable, it’s not going to get you fantastic coverage compared to going fully comprehensive.