Importance of Getting a Car Insurance

by Elaine SmithJuly 1, 2021, ,
Importance of Getting a Car Insurance

Why is it crucial to get auto insurance? Auto insurance provides you a financial cover in case of an accident, collision, or any other incidental mishap to your vehicle or you while you are in it. It also protects you financially by covering damages caused to other vehicles and their drivers by you in case of a collision or accident.

Consulting insurance experts and lawyers, we have brought together all the reasons why you need to consider getting car insurance first and foremost if you own an automobile.

“Car insurance is a vital component of a person's financial safety net. As such, purchasing this coverage is a no-brainer decision for anyone that owns/leases a motor vehicle. As a personal injury lawyer in the greater Philadelphia area, I am intimately familiar with dealing with auto insurance of all types. While it may be costly, if you want to protect your personal assets, auto insurance is a must-have.” advises personal injury lawyer; Ted Kaplun. Kaplun says to protect yourself financially, auto insurance is essential:

To Protect Your Financial Future

“If you are at fault in a car crash, a good auto insurance policy should provide you with coverage for property damage you may have caused. This coverage may include costs for fixing the other person's car as well as for general liability, think pain and suffering for their injuries. There are additional components to auto insurance policies that can serve to provide you personally with medical coverage, uninsured/underinsured motorist coverage, and lost wages related to a car crash.  Without getting into the finite details of each unique auto insurance policy, to protect your financial future, having well-planned auto insurance coverage is a must.”

Ted Kaplun, Esq. is a car accident lawyer at Kaplun Marx

Legal Requirement

“First and foremost, it's important to insure your automobile(s) because it is a legal requirement in every single state of the U.S. While the exact coverage amounts may differ from state to state, you cannot legally drive your car if you do not have at least two forms of liability coverage: Bodily Injury liability coverage and Property Damage liability coverage. If you get caught driving your car without insurance, you may face some steep penalties, including tickets and fees, license suspension, having your vehicle impounded, license reinstatement fees, and possibly even some potential jail time. So, if you want to avoid these penalties, then car insurance is a must for your ride.” says David Adler, owner of Adler Insurance Group.

What else you need to know about liability coverage; “However, it is important to note that the minimum mandated coverage in your state won't provide universal protection. In fact, those two forms of liability coverage will not cover your medical costs or vehicle repair costs if you're at fault in the accident. So if your vehicle is damaged by vandalism, a hail storm, or an uninsured motorist, you'll be stuck footing the bill for your repairs. To avoid those costs, you'll need to consider adding on certain types of coverage to your policy. Comprehensive coverage, uninsured motorist protection, and other types of coverage may raise your premiums, but they can prove to be invaluable in certain situations.”

David Adler, is the President and owner of an insurance agency; Adler insurance Group

Helps you Avoid Costly Expenses in the Future

“The right car insurance can help protect you, your family members, your passengers, and other drivers. If an accident occurs, you want to know that you have adequate coverage to take care of any property damage or bodily injury expenses that may arise. By investing a small amount in your protection now, you can avoid costly expenses in the future. Coverages such as collision, comprehensive, property damage liability, and bodily injury liability can help cover the costs of expensive claims if an accident occurs.”

Linda Chavez, Founder & CEO of Seniors Life Insurance Finder

Financially Covers the Damages You Caused Other Vehicles and Drivers

“Having a car insurance helps you gain financial protection. It is taking a portion of your income now to prevent yourself from costly, unexpected and unwanted expenses that may come in the future. It protects you (the driver), your passengers as well as other drivers. If you caused an accident, of course, you would be financially liable for the damages and injuries you caused other people and their property. Depending on your car insurance policy, some or all of the expenses will be covered. Having good car insurance also saves you from all the hassle of negotiating with the other people involved in the accident – may it be in towing and repair of their vehicle or the hospital treatment for those injured.”

Matthew Roberts, Chief Operating Officer at My Choice

Can be Charged Fines for Driving Without Insurance

“Car insurance is not only important to have for peace of mind, it is required by law. Depending on the state, insurance may be required on any vehicle parked on your property in order to avoid fines or possible tow. For instance, you inherited your grandfather's classic Volvo and it sat in your driveway for a year because you don’t plan on driving it, you may receive a ticket from the city for not having the vehicle registered. In order to get a vehicle registered, you must carry car insurance in that state. Car insurance can vary in price depending on the individual, the state, the type of vehicle, and the coverages desired. If you are only needing insurance for registration purposes, consider getting a policy with only liability, or “garaging insurance” which is only Comprehensive. This will provide coverage for things like glass breakage, theft, vandalism, and fire, and also keep the city off your back.

“If someone is caught driving without car insurance, they could very well receive a hefty fine of $500 + and ordered by the court to carry insurance. Some states may issue a request that you carry SR-22 insurance or possible suspension of your license. This can lead to a downward spiral if you do not take the proper steps.”

You will be Financially Covered in Case of an Accident

“If you finance a vehicle and are making payments on that vehicle, full coverage is usually required. Full coverage guarantees the lender that in the event of an accident, the vehicle that they hold the title for will be covered. If you get into an accident, generally, you pay your deductible wither it fall under Comprehensive or Collision, and the insurance company will either cover the cost to repair the vehicle if possible, or total the vehicle and write a check for the value. This provides you with security knowing that if your vehicle is totaled, you’ll be able to get another one that way you are not stranded, out of a car. Without insurance, you would be stuck paying off the entire loan and you would be out of a vehicle. I, personally, would hate to pay on something that I no longer have.”

Protects you Legally in Case of an Accident

“Lastly, car insurance is important in the event of an accident. If you are driving without car insurance and you hit another driver, you will end up with a ticket and accident on your records, fines, possible suspension, and you could be sued by the other party. Without insurance, you are leaving the responsibility of the damages in the other parties’ hand which in most cases their options are to either sue, or pay for the damages out of pocket. If you ‘can’t afford’ car insurance, then consider an older vehicle that you may not have to carry full coverage on which in return will be cheaper for you.”

Lauren Mckenzie is an Insurance Broker at Learnandserve.org, Powered by A Plus Insurance

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