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PostHeaderIcon 3 Reasons You May Want to Get Car Insurance Now

Disclosure: This is a post written by me and any opinions expressed are my own. I may or may not have received compensation for my services.

Traffic accident and to drivers fightingWith all the things you have to pay on the monthly basis, finding any excuse to overlook or go without a certain expense can be easy. While in some cases, bypassing or completely eliminating an expense can save you a few extra bucks each month, there are instances in which skimping or eliminating is not in your best interest. Take for instance, car insurance. According to USA Today, in 2011, approximately 1 in 7 drivers were uninsured. Car insurance is often one of the first bills households try to eliminate without realizing all the costs and risks.

What If I’m a Safe Driver?

It’s somewhat logical to assume that if you never get into an accident, you’ll never have a need for insurance. However, that type of thinking could end up costing you significantly. You see, the truth is, you can’t control everything and everyone. So while you may be good at driving, you can’t account for anyone else on the road. Imagine being in charge of a carpool for the kids in your neighborhood and accidentally hitting a hydrant to avoid a dog in the street? Without insurance how would you pay for the damage to your car, the hydrant, or to any children that may have been hurt? For this reason and more, it’s just best to have coverage… you know, expect the unexpected kind of thing.

Why Having Car Insurance is Important

Sometimes we don’t understand the importance of something until it’s too late. Whether you’re a high risk driver, expert racer, or an average motorist, having financial protection is of the utmost importance. Below are a few of the main reasons:

1.  It’s the Law

Well, if nothing else will convince you that having car insurance is a necessity, the law certainly should. In the United States, it is considered illegal to drive around without the appropriate car insurance coverage. While each state varies in the type of coverage you should have and the consequences that will follow, it goes without saying that you will be punished if you don’t have valid coverage. Some states will suspend your license or registration; while others may revoke your driving privileges altogether.

2.  Protects You Financially

Aside from having to obey state and federal laws pertaining to car insurance coverage, another reason it is important to have coverage is because of the financial aspects of being involved in an accident. Chances are you don’t have thousands of dollars sitting in a bank account for the off chance that you hit someone or someone hits you. Even if you have a clunker for a car, having adequate protection to cover vehicle damages, property damages, medical expenses, and legal costs is important.

3.  Protects Your Investment

Your car is your biggest investment (next to your home). They are necessary to get you to and from the places you need to be. So what happens if an accident occurs, you’re at fault you’re your car is out of commission? Well, if you’re uninsured, you’re left to pay for everything…and since you’re legally responsible for paying for any damages you’ve caused to other drivers, their cars, or their property, chances are you won’t have the necessary funds to pay for your own vehicle. This means that you’re stuck with a damaged or totaled vehicle until you can muster up the funds to pay for the damage….and if your vehicle happens to be financed; you’re still required to make payments on a vehicle even if you can’t drive it at the moment.

I’m High Risk and It Costs Too Much to be Insured

So maybe you’re not the best driver in the world… and you’ve been deemed “high risk”- you’ve had a few accidents before, have several traffic violations, or maybe you’ve had several gaps in between your insurance policies. In the cases described above, you’d likely be ordered by a judge to get SR22 insurance. An SR-22 insurance plan is basically a certification from your insurance provider that states you’re doing your part to maintain liability insurance coverage. While it will cost you a bit more, shopping around and receiving quotes from participating providers can knock the costs down significantly. Not to mention, keeping your car insurance in good standing, after a few years your SR-22 status will be removed.

At any rate, you can see that having insurance for those just in case moments is better than not having it at all. If you’ve been avoiding getting coverage, you may want to reconsider. Whether you’re a safe driver, high risk driver, or you barely drive your car at all, being safe rather than sorry is a good rule of thumb to consider. Protect your investment (car) and your wallet, and provide yourself with peace of mind by securing insurance before it’s too late.

One Response to “3 Reasons You May Want to Get Car Insurance Now”

  • Mai T. says:

    Although it’s highly illegal to NOT have car insurance, many ignorant people just don’t understand the importance of it until some accident happens.

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