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Having car insurance for your vehicle is not an option because most states mandate that you carry a minimum amount of insurance for your vehicle. In other words, this is a necessary expense, so it is important that you find the most affordable car insurance possible so you can save money.
Why you need car insurance
Not only do you need car insurance because it is mandatory, you also need it in order to protect yourself. If you were in an automobile accident without any insurance and the accident was your fault, you could be sued. In order to compensate the victim for the damage done, you could lose your assets. Your assets include any other vehicles you may have, your home, and your property. With insurance, you are able to protect your assets.
You also need to have adequate insurance. This means having enough protection to cover damages in the case of a car accident. For example, the damages in an accident that was your fault may total $25,000. If you only have $20,000 in coverage you will be held liable for the other $5,000.
Another reason why you need car insurance is because you can protect your vehicle against damage inflicted beyond your control. For instance, a hail storm may cause thousands of dollars in damages. You can make a claim to your insurance company and have the repairs paid for. Without insurance you would have to pay for the damages out of your pocket.
Lastly, not having car insurance can result in the loss of your license. If you are pulled over for speeding or another traffic offense and can't provide proof of insurance, this secondary offense can cause your license to be suspended.
Understanding affordable car insurance
When you are buying affordable car insurance you have to understand it. First, you have what is called a deductible. This is how much money you are willing to pay out of pocket in the case of an accident. There are times when the deductible may need to be paid and times when it may not need to be paid. If you are involved in an accident that is not your fault, you will not have to pay your deductible because the other party's insurance will pay for it. If you drive into your garage door and damage your car, then you will need to pay your deductible when you make a claim.
There are different levels of deductibles that you can opt for. Know, however, that the higher the deductible the lower your insurance premium is going to be. If you choose a $500 deductible, your premium is going to cost more than if you had a $1,000 deductible. Just make sure your deductible is one that you can afford if the unexpected were to happen.
Another item you must be aware of is the fact you must ensure you have enough coverage in the various areas of your policy. For instance, your policy has bodily injury coverage. This means that you are compensating the injured party for their bodily injury up to a certain amount. Keep in mind that medical expenses are very high. If you opt for $15,000 in bodily injury coverage (the minimum in some states), know that many times medical costs can exceed this depending on the severity of the injury.
Lastly, there are various options you can add to your policy if you find them necessary. Nevertheless, ensure that you are not adding anything that you don't need. Then again, make sure you are providing yourself with adequate coverage. If you want to add the rental car option onto your policy, then you may do so. Keep in mind, however, that you may never use it.