3 Reasons You Buy Auto Insurance

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Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Cynthia Lanctot is an insurance professional with ten years of industry experience. Cynthia is licensed in several states, and holds an associate in claims law, as well as a bachelor’s degree in English. Cynthia’s experience includes the New England and Northeast states. She currently works as a liability claims professional and an occasional online contributor.

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Reviewed by Cynthia Lanctot
Licensed Agent

UPDATED: Mar 30, 2021

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While there are several major reasons to make sure that your car is protected, these are the top three reasons to buy auto insurance:

  1. To remain legal while on the road. Not all states require auto insurance, but all 50 states do require financial responsibility. That means that you have to prove that you will financially able to deal with the costs of an accident either through a valid insurance policy, a bond or other means allowable in your state.
  2. To protect your vehicle. For the average person, their car is their second most expensive investment. The more that you rely on your car and the less able you are to replace it out of pocket if something happens to it, the more vital auto insurance becomes.
  3. To protect the health and welfare of your family.

Legality in Your State

 

If you don’t believe that being legal is important and should be the top of the three reasons you buy auto insurance, consider the potential penalties for not having valid insurance if you are involved in an accident or are asked to show proof of insurance by a police officer. Those penalties may include:

  • Hefty fines that can easily be two to three times more expensive than insurance in the first place
  • The loss of your driver’s license for a period that can range from six months for a first offense to much longer for additional offenses
  • The potential loss of your car’s license plate or registration
  • The possible loss of your job if you employer requires a valid driver’s license and insurance

Remember, insurance laws change yearly, so the penalties can increase or decrease from year to year. The average person does not know about these laws and changes until faced with a punishment.

Protecting Your Vehicle and the People Who Travel in It

Insurance may be expensive, but an accident can be far more expensive.  Accidents and medical expenses can be considered one of the top three reasons to buy auto insurance. The costs can quickly become staggering.

  • For an accident that involves only minor damage to the vehicles with no injuries, the cost can range from $200 to $1,000.
  • If there is major damage and/or injuries, the cost can be five times higher or more.
  • If there is a fatality, the cost can soar and may eventually lead to a civil lawsuit.

In addition to the cost of insuring your own vehicle and protecting your family, your insurance coverage should be sufficient to protect others who may be injured in an accident regardless of fault.

Even trying to get your own car repaired can be very expensive – a minor dented bumper can easily cost a few hundred dollars but will cost you more in lost time from work and the stress of going to the repair shop. Protect your car and your family with good insurance coverage today.

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