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Vehicle Insurance

Vehicle Insurance: 8 Reasons To Insure Your Ride

Vehicle insurance is a contract between you and the insurance firm. The financial product protects policyholders against financial loss in the event of an accident besides providing property, medical, and liability coverage.

The policy comprises six types of coverage, and most states require you to purchase some but not all of them. Most people would rather do without auto insurance because it involves regular payments for something you don’t use regularly.

However, car insurance is an investment that protects you and your future from the unexpected. Here’s a list of reasons why you need to insure your car.

1. Investment Protection

Purchasing and maintaining a vehicle is expensive. Therefore, insurance helps you retain as much of your car’s value as possible by enabling you to restore its condition in case of damage. You probably won’t keep your vehicle forever, so you will want to maintain it in the best possible shape to maintain a high resale value.

2. Legal Protection

Buying vehicle coverage protects you against lawsuits, whether you’re wrong or right. Choosing the proper coverage level ensures that if you’re involved in a lawsuit, you’ll have the necessary amount of money to pay for any damages in case you lose the case.

Bear in mind that the money doesn’t merely cover the plaintiff but his attorney and the fees surrounding the case as well. Furthermore, the insurance firm will ensure you have appropriate representation for any legal proceedings.

At the very least, this will give you some degree of contentment. It’s important you confirm your amounts and when in doubt, select a higher limitation verses a lower one. It may surprise you to see how little this option influences your average yearly rate.

3. Non-accident Protection

Vehicle insurance can be vital in the event of theft or vandalism. For this reason, numerous insurance companies provide a break on insurance if you park your car regularly off the street and in an insured garage, where vandalism and theft instances are less prevalent.

4. Ethical and Moral Responsibility

You have an ethical and moral responsibility to insure your car because you might be responsible for an accident or any kind of collision that damages somebody’s property or injures someone. In this case, your insurance will act as a way of compensation.

 

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There’s no reason why you should inconvenience someone further because you failed to purchase insurance or maintain your policy properly. Consequently, underinsured and uninsured insurance coverage has gained popularity with industry leaders.

5. Peace of Mind

Knowing your car is insured will ease any concerns you may have while driving. Nobody likes dealing with the hassle and costs that come with being involved in an accident.

Fortunately, insurance agents have training on how to handle the entire process of getting you back on the road after an accident. Furthermore, they’ll help you understand the process from start to finish.

6. Follow the Law

It’s mandatory for all drivers to acquire a specific level of vehicle insurance when operating a car. Therefore, if you lack the bare minimum, you’re subject to fines or worse if you’re stopped during a spot check or involved in an accident. This applies even if the accident isn’t your fault or your car isn’t badly damaged.

The standard procedure for every police officer who either completes a spot check or arrives at the scene of an accident is to request the vehicle registration, driver’s license, and evidence of insurance, typically the insurance card.

In the event that you fail to provide one or more of these pieces of identification, this may result in the towing of your car, a fine, or worse.

7. Medical Costs

Auto insurance prevents you from being liable for accident-related medical costs by offering coverage for injured parties in an accident. Bear in mind that medical care isn’t cheap and being financially responsible for your bills and the other party’s could result in financial ruin.

8. Maintain Active Driving Privileges

Obtaining insurance can prevent you from losing your license in various ways. For instance, when you register your vehicle with your state Motor Vehicle Commission, they expect you to provide a copy of your valid license and evidence of insurance.

In some states such as New York, you should provide the original identification card of the car insurance. For this reason, New York residents obtain two identification cards. If you can’t produce an original, they won’t register your car.

Final Thoughts

While car insurance is important, you might wonder whether it’s actually necessary considering how seldom you use it. You’ll discover that the financial product protects you and those who are on the road as well. If you’re  still unsure of whether to obtain coverage, this guide will convince you otherwise.


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