Importance of Auto Insurance

Importance of Auto Insurance

Auto insurance is a legal requirement for people who operate vehicles like cars, trucks, motorcycles, and other motor vehicles. It provides financial protection to the vehicle owner in the event of an accident. There are different types of auto insurance coverage available. However, different states have a minimum requirement for liability coverage. Here are some reasons why it is important to have auto insurance:

  1. Auto insurance is mandatory: It is illegal to drive without auto insurance. Any person who owns a vehicle is required to have basic auto insurance coverage. Driving without auto insurance can result in getting a ticket, the driver’s license getting revoked, or having the vehicle impounded, as well as heavy fees and fines by the courts.
  2. Protects your vehicle: Auto insurance covers the expenses when the vehicle is damaged in an accident or in weather-related incidents. It also pays for vehicle vandalism and theft.
  3. Liability protection: Auto insurance covers expenses that arise from liability when the driver is at fault in an accident. It covers the cost of repairing or replacing the vehicle or property damage. It also covers medical bills if a person is injured and major monetary awards if a person is killed. If the driver is at fault in an auto accident, and does not have auto insurance, he or she may be personally reliable for the full cost of the damages.
  4. Protects from uninsured or underinsured motorists: Uninsured motorist coverage is a policy addition that allows the auto policyholder to be protected in accident by a driver being at fault but not having auto insurance. When a driver at fault is underinsured that means he or she has the state’s minimum required limit of liability coverage, which means they have auto insurance, but it’s not enough to cover the cost of damages or medical bills for injuries.

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