Car insurance can get expensive, and when you’re strapped for cash, it can be tempting to look at the insurance as one payment you can forego. But is this something you can really do without?
Below are some reasons car insurance is a necessity, not a luxury.
There is no federal law requiring drivers to have car insurance, but every state requires drivers to carry some type of coverage.
Can’t Get a Loan or a Lease Without One
Most banks require you to buy car insurance as a condition of providing you with a car loan or lease to get the car. They know if you get in an accident and can’t pay for the damages, you’ll be less likely to be able to pay back the loan or keep up with your lease payments. So, they’re trying to protect you, as well as their own assets, by making sure all their borrowers have the proper insurance coverage.
Protect Your Finances
The cost of a car crash can go far beyond the cost of repairing the car itself. Depending on the extent of the damage, the car may be totaled (which means it will need to be replaced), people may need medical attention, and medical bills can pile up very quickly. If they’re hurt badly enough that they can’t work for a period of time, you may also have to pay them for that lost income. The same is true of legal bills if you have a dispute with anyone else who was involved in the crash. Even a few hours of an attorney’s time can easily reach hundreds of dollars, not to mention the costs of actually going to court, paying court fees, etc.
Without insurance, all that could come out of your own pocket.
Protect Your Passengers
It’s bad enough if you get injured in a car crash and can’t afford to pay your own medical bills, but what about if someone else is in the car with you and they get injured and neither of you can cover their medical bills? As the driver, you are responsible for their safety, which means you will also be liable for any medical bills to treat injuries from a crash you caused while behind the wheel. If you both get injured, you’re responsible for their medical bills, as well as your own.
If you get injured in an accident and neither you nor the other driver has any insurance, you’ll have to pay for all your own expenses, including medical bills. If the other driver is at fault and they don’t have insurance, you can try to sue them for damages to get them to pay for your medical bills, but if they can’t afford insurance, chances are they won’t be able to afford to cover your healthcare needs either.
Carrying insurance is about protecting yourself and those around you. The costs of a car crash can easily reach tens of thousands of dollars, which is more than enough to bankrupt a lot of people. By buying insurance and paying your dues regularly, you can protect yourself from financial ruin and ensure you can get back on your feet that much faster after the accident.
If you or a loved one has suffered an injury or some other type of accident, you need the advice of an experienced personal injury lawyer.