Despite the fact that nearly every state in the U.S requires you to insure your vehicle, many Americans simply refuse to pay the added monthly expense. Well, you may think that saving $200 a month justifies not having auto insurance but here’s a quick look at how this monthly expense can actually save you thousands:
Liability Coverage- In the case that you were to ever get into a collision with another individual and accidentally damaged the vehicle or injured any individual in that vehicle, you are now held personally liable to cover their expenses that arose from said accident. Having liability coverage allows you to not worry about the obligation of having to pay off damages to the other individual as the insurance company will handle any damages that are covered.
Collision Coverage- This form of coverage offers you insurance that will financially cover any damages that are incurred to your own vehicle in the case of an accident. Obviously, not having to pay thousands of dollars in damages if you are ever hit in an accident is well worth the measly monthly expense of a couple of hundred dollars!
Comprehensive Coverage- This particular type of coverage offers an insured individual coverage for any damages that may occur from weather, theft, or even fire. If your windshield is struck by a large piece of hail or even a rock, comprehensive coverage is the type of insurance that will handle the expenses for repairing that windshield. Obviously, these repairs can get costly so having this type of coverage is crucial.