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AUTO
ARE YOU CURIOUS ABOUT AUTO INSURANCE
Whether you’re doubting your insurance policy or are simply curious as to why it’s necessary, it’s helpful to know what you’re paying for. Aside from being mandated in most states, car insurance is a good investment because it protects you and your net worth.
Insurance may feel like you are getting swindled sometimes, but it really does keep the wheels of society turning. It cultivates peace of mind, protects livelihoods, and keeps our courtrooms clear.
WHY IS AUTO INSURANCE IMPORTANT?
- The #1 reason why you need car insurance is because, well, you have to have it. If you get fractured without a car insurance policy, you could be looking at a big fat fine — or even jail time.
- It’s required by law (in all but two states)
- To compensate someone else for an accident you caused
- To compensate you for an accident caused by someone else.
- To get your car fixed — no matter who caused the accident.
- To protect your assets
- To help cover your passengers.
- It brings peace of mind to everyone.
WHAT IS AUTO INSURANCE
Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outline in your policy.
Auto insurance provides coverage for:
- Property – such as damage to or theft of your car
- Liability – your legal responsibility to others for bodily injury or property damage
- Medical – the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
Policies are generally issued for six-month or one-year timeframes and are renewable. The insurance company sends a notice when it’s time to renew the policy and pay your premium.