The Unknown Benefits of Auto Insurance

The Unknown Benefits of Auto Insurance

July 19, 2016
Unknown Benefits of Auto Insurance
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Auto insurance is one of today’s big necessities, both because it’s required by the law and because you could risk great financial loss without it. But, for some, these two reasons are not enough. They want to see how they can benefit from this monthly expense which takes significant amounts of money from their bank accounts.

Well, believe it or not, you can benefit from your car insurance. This article will show you some benefits that might not have crossed your mind.

1. You can actually save money

You’re probably already thinking about how much you pay each month for your car insurance. If you’re starting to regret it, don’t! Without insurance you would have to pay even more.

Like I said before, insurance is required by the law. Every state requires you to have either auto insurance or proof of financial responsibility. You have to choose one of them and the first is much cheaper than the latter. Proof of financial responsibility typically comes in the form of a surety bond or cash deposit. This is left with the state Department of Insurance or the Department of Motor Vehicles. It has to be equal to the amount required by each state for the minimum liability coverage, and can reach tens of thousands of dollars.

With car insurance, you don’t have to pay a huge amount upfront. You only need to pay for your monthly premium.

2. Car insurance can add to your health insurance

Another thing you might not know is that auto insurance can also help if you’re injured in a car accident and you have insufficient or no health insurance. Nowadays, most insurers offer coverages for injuries sustained as a driver or passenger. Even if you don’t have any health insurance at all, your auto insurance can pay for accident-related injuries. These include dental work, nursing care during rehab or even funeral costs.

3. It can also save you some time

Those of you who have been involved in accidents know how unpleasant the post-accident process can be. But with car insurance you can relax and just let your insurer do all the work. It’s important to know that you’re not alone during such unfortunate events and that you don’t have to worry about getting your claim settled fairly and quickly or finding a good repair shop.

Nobody wants car insurance, and nobody wants to need car insurance. But, as the saying goes, it’s better to have it and not need it than to not have it at all. Especially in today’s world, where anyone can buy a car, no matter how well they can drive, it’s extremely important to take care both of yourself and your property and make sure that you are protected at all time.

Thomas Hookton is a finance journalist, history buff and science fiction connoisseur. Hit him up via email.

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