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August 1, 2019

5 Benefits of Having Car Insurance

5 Benefits of Having Car Insurance

It’s easy to talk about why you have to have car insurance. It may be a requirement in the state you live in. Yet, it’s a very good investment for yourself and your family, too. There are numerous benefits of having a policy that offers complete protection to you. Here are a few key examples of when auto insurance benefits you.

#1: You Are at Risk of Being in an Accident

Accidents happen all of the time in every city and on every roadway. It’s a big deal because many of them lead to costly losses.

The Insurance Institute for Highway Safety said that, in 2017, 34,247 crashes occurred in the United States. Those crashes involved 52,645 motor vehicles, and 37,133 people died. Considering this, you are at risk of a crash whenever you operate a vehicle. Without coverage, you could be personally financially responsible for the losses.

#2: You’ll Pay Less if an Accident Occurs

The biggest benefit of coverage is that you’ll pay a small amount now for protection. However, if a large accident occurs, the policy will cover those repairs. The average cost for an auto insurance policy in the United States, according to the Insurance Information Institute, was $935.80 per year in 2016. However, if you consider that a single head-on crash can amount to thousands of dollars in losses, it’s clear that you’ll pay less by having a policy than if you did not have one.

#3: It Helps You Avoid Devaluation to Your Car

Some types of policies benefit you by helping to prolong the life and the value of your car. You can’t stop a random hailstorm from damaging the vehicle’s body. You can’t know if a tree branch will shatter the window. However, if you have comprehensive auto insurance, it can cover the losses you incur from these risks. This saves you money in the long term. It also helps you return the car to a marketable position in case you ever want to sell it.

#4: You Gain Peace of Mind

Knowing that you have a policy that protects your family can give you peace of mind. Could you afford to make these payments to repair your vehicle without it? Would that put your family at risk of financial difficulty if wrecks occur. Car insurance will help you avoid having to face significant monetary losses.

#5: It Safeguards You Against a Lawsuit

Even if you made a mistake and caused significant damage to another person’s property, you don’t deserve to lose your house over it. With auto insurance, you get help with claims others make against you in accidents. That includes legal defense if you need it.

It’s easy to see the benefits of car insurance. Going without is simply too much of a risk.

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