As a new car owner, you have many expenses to contend with. You may still be making payments to your car, and regularly paying for parking and gas. The last thing you’d want is to think of buying auto insurance.
Many motorists are tempted to skip getting insurance coverage, thinking that it’s an optional luxury. This is a common misconception, however, and having adequate car insurance is actually crucial. Getting yourself and your car insured is one of the most responsible things you can do as a motorist. In this article, we talk about why that is and what are the advantages of getting auto insurance.
Auto Insurance Is Required By Law
Most states have minimum requirements for auto insurance. To remain compliant with state laws, you need to familiarize yourself with these requirements and make sure that your insurance policy covers state standards.
Protecting Yourself From Heavy Losses
Even if you’re the safest driver in the world, traffic conditions and the actions of other motorists are beyond your control. Car accidents happen, and they affect an average of 6 million Americans every year.
Getting into a car crash can be life-changing. You may suffer from catastrophic injuries that will require extensive medical treatments and rehabilitation. With today’s high healthcare costs, these new expenses can be financially crushing.
Even if you escape a car accident with little to no injuries, your car will still need repairs. Car repairs, part replacements, and tune-ups are costly. They’re particularly burdensome when you haven’t anticipated these costs. You may find yourself in debt in order to take care of the necessary repairs.
Investing in auto insurance from the start gives you a level of protection against these financial losses. With the right coverage, you won’t need to pay for medical fees and car repairs entirely out of pocket. This is particularly valuable if you don’t have a lot of liquidity.
Guarding Against Liability
If you’re involved in a car collision and you’re the party at fault, you may be held liable for the damages suffered by the other motorist. You can be potentially sued for compensation. Once again, this can be financially burdensome and stressful if you have to settle the matter out of pocket. Getting auto insurance with liability coverage should help you cover a significant portion of these expenses.
Protection From Uninsured Motorists
Getting into an accident with a motorist who doesn’t have insurance means they don’t have the ability to pay you even if you sue for compensation. If you’re also uninsured at this point, you’ll have no choice but to pay for any medical treatments and car repairs on your own. Having adequate auto insurance coverage should protect you from such risks.
Accounting For Forces Of Nature
Outside of traffic accidents, your car can be damaged by the elements. Unforeseen events like a fallen tree branch, flash floods, hail, heavy rain or snowfall—all these natural elements can significantly damage your vehicle. Getting comprehensive auto insurance coverage will help you cover car repair costs in case of such events.
If you want to learn more about the kinds of auto insurance coverage you need, visit Panorama and get in touch with our team of advisers.