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Auto Insurance: Why Is There a Need?

by Editorial Staff
November 1, 2019
in Business
Reading Time: 3 mins read

Even though auto insurance is required by law in most areas in one form or other, a lot of people don’t like paying for it. In essence, it is an expense that many believe they can do without because they believe it is nothing less than a legal money-making scam organized by insurance companies. You are basically paying for something that you don’t use regularly and may not use at all, if you are lucky. However, the truth is that auto insurance is actually an investment that you make for protecting yourself and your future from any unexpected circumstances. It is not a scam at all and you really do need to have auto insurance. Why? Here are some good reasons:

Table of Contents
The right thing to do
Accidents can happen
It is not just accidents

The right thing to do

If a law requiring auto insurance exist, it is for a good reason. If you make an error in judgment and it causes injuries or damage to someone else or their vehicle, then you are responsible for putting it right. You need to pay the cost of repairing or replacing as per the situation. The level of financial responsibility is considerably higher in the case of car accidents. Damages usually run into the thousands and what would happen if you cannot pay for them? It would mean getting involved in extended court battles, which could create further financial issues. In a nutshell, you will be unable to take responsibility for your actions, but you can change that with auto insurance.

Accidents can happen

In certain countries, such as South Africa, it’s not illegal to be uninsured.  But certainly only a fool would drive without at least 3rd party cover because, accidents do happen!  And 3rd Party is not going to cover the cost of the damage incurred to your vehicle, so at the very least your should investigate low cost, no frills insurance.

Yes, accidents can happen and they don’t come with a warning. They can happen to the tune of hundreds or even millions of dollars in medical bills and property damages. Anyone can make mistakes, even good drivers. Sure, most accidents are minor, but major ones are not that rare. Your vehicle might be destroyed or the same can happen to the other vehicle. Likewise, you could injure someone seriously and they might not be able to work for a while. Auto insurance cannot stop accidents from happening, but it offers you a financial security blanket for dealing with the aforementioned consequences.

It is not just accidents

A lot of people believe they don’t need auto insurance because they are good drivers. But, there is another side to auto insurance as well. What happens if your car is wrecked or stolen? What happens if vandals decide to have a go at it or it is destroyed in a fire? Auto insurance doesn’t just provide you with cover in the case of an accident. Most auto insurance policies come with extra services and coverages that can make them immensely useful, even if you never have an accident. Things such as rental car coverage and roadside assistance are handy options that enhance the value you can obtain from your auto insurance policy.

Unless you have a large supply of cash lying around or are independently wealthy, you cannot afford to go without auto insurance. You never know when something involving your car may happen and insurance keeps you covered. A reliable option for you is here: www.mis-insurance.com

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