Why Having Car Insurance Is Worth the Value?

Your car is one of the most valuable properties that you own, and you do your best to take care of it. And why not, it gets you to where you need to go and provide independence from relying on others for transportation.

Why Having Car Insurance Is Worth the Value from North Carolina Lifestyle Blogger Adventures of Frugal Mom

Every year, there are millions of car accidents. Now imagine if you’re in one of those accidents how much do you expect to have to pay out of your pocket. The National Safety Council says you can expect to pay around 9,300 without factoring in injuries. Having a car policy protects you from paying a considerable amount of money after an accident and pays for not only your medical bills but others who were involved in the collision with you. 

One of the best things you can do to protect your vehicle is to have insurance. Still, some people drive every day without being insured. A study stated that at least one out of eight people drove without coverage. Unfortunately, that percentage has been rising according to another study. Below are eight benefits of having your car coverage.

1. Supplement health policy.

You may think that car coverage and health coverage are two different products; after all, one pays to have your car fixed while the other takes care of injuries to you. However, they have more in common than you think. If you have very little coverage when it comes to health coverage, a car policy with medical benefits or better known as MedPay will help with more than just medical. 

Still, dental and chiropractic services as well, and most states cover MedPay. Medical coverage from your car can act as a buffer, and many carriers of this type of policy have coverage for injury regardless if you have health coverage, and you can receive extra coverage on medical expenses that your regular health policy won’t meet. 

A supplement policy can pay for deductibles, co-payments, and even provide cash into your wallet. Remember always to check if your coverage has medical benefits with the policy you’re buying. 

2. Protects you from losing everything. 

You don’t want to forfeit everything you own because you were found to be blamed for an accident. Coverage on your vehicle protects you from claims others might make for the accident you were involved in, and keep you from paying a considerable amount of money. 

3. Require by law. 

If you’re insured, you’re obeying the law except for one or two states like New Hampshire and Virginia where you are not required to have coverage. Anyone without coverage will still be on the hook and up to 50,000 in the cost of liability, not to mention 25,000 for any property damage. 

If you don’t have coverage there, you will have to pay an uninsured motor payment and then show that you have coverage up to 25,000 for body insured with each person. 

4. Money for repairs on your vehicle. 

When you have coverage, you’re protected from having to pay the whole amount for your car repairs. Maybe you have a car that is up there with age, and the cost to have it fixed will set you back more than a few pennies. 

5. Discounts if you rarely drive. 

Perhaps you don’t drive much. It would be best if you still had a car policy. Plus, by not driving much, you lessen your chances of being in an accident and placing yourself in a good position where to receive low mileage discounts, which will cut your rate on your coverage.

6. Save you from having to buy a new one. 

Let say a deer has hit your car, and now your car has gone to that junkyard in the sky. Can you afford to shelve out the bucks for another one, or what if a thief steals your car? With car coverage, you have one less thing to worry about and be able to keep the money in your pocket.

7. Protects you against a fire started with your vehicle. 

Having a comprehensive policy means, you get your vehicle repaired or a replacement. Not only does it cover fires, but tree branches or fallen objects that total your car. 

8. Lenders require you to have coverage. 

You must have coverage when financing a car. A lender has it in the contract, especially collision coverage and comprehensive coverage. A lender has coverage on the vehicle that you wish to purchase means they’re protecting their assets. Furthermore, if you don’t have coverage yourself, they may buy you something called physical damage coverage, which will increase the cost than if you had bought your coverage. 

These tips will hopefully help keep your car on the road, obeying the law and spending as little money as possible on repairs.

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