Why You Shouldn’t Delay Getting Auto Insurance October 25, 2019
Auto insurance is one of those things you have to buy with the hope of never using it. Unfortunately, not all drivers shoulder the responsibility of carrying auto insurance, so you need it to protect yourself as well as other drivers. Accidents happen and a good auto insurance policy can provide you with a lot of financial protection.
The Costs of an Accident
If you have a loan on your car, your lender will require you to have proper insurance. For those who can't afford it and let the insurance lapse, driving becomes a dangerous risk. In the event of an accident, in most states, you will be ticketed and will probably face a hefty fine. In addition, you may be financially responsible for the damage to the other car or property damage. Finally, if your car is damaged beyond repair and you need another vehicle, you still have to pay off the original loan.
It’s Illegal to Drive Without It
You need insurance to keep your car's registration up to date. Without insurance, you can't pay your property taxes or get new car tags each year. In the event of a serious driving ticket such as a DUI, you must show proof of insurance to regain full driving privileges. According to Michigan Defense Law, to reinstate your license after it has been suspended or revoked, you have to provide proof that you are a safe driver and that you have insurance. One of the worst things you can do in terms of keeping your insurance affordable is to get a DUI. Not only can it make your car insurance very expensive, but you will lose the ability to bundle your insurance. Bundling your home and car insurance is a great way to reduce expenses.
Consider Insurance Expenses When Purchasing a Car
When you need to replace your car, be sure to consider insurance rates before you buy. To keep rates low, consider buying a used car with a good safety record. According to The Zebra, once your car loan is paid off, you can probably lower your coverage to liability only and save even more on your insurance. At no point can you legally drop coverage completely.
Car insurance is something we all need to buy. Once your car is paid for, you may be able to lower the amount of coverage you carry but be sure to review your policy. Carrying liability only will likely mean that, in the event of a serious accident, you will need to purchase another vehicle with a limited insurance payout.
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