Automotive Insurance

Reader’s Question:

I just got a new car. I loaned some money from the bank to purchase my first car. I don’t know a lot of stuff about car insurance. I got one simple question now – why should I buy automotive insurance?

Carmine

Chicago, IL

Congratulations on your new car!

Since you’ve mentioned that you’ve borrowed some money from the bank just to buy your car then your question is very timely..

Let’s just take this scenario as an example. Let’s say you borrowed $20,000 from the bank to purchase your car. Given the situation that you are driving without car insurance so let’s say while driving you’ve met an accident and it was your fault. With no car insurance to pay for the damages to the other party involved and no money to finance the repair of your car, who would you turn to? I doubt if the bank will ever lend you some money. If you have automotive insurance, then you don’t have to worry about this anymore.

Moreover, automotive insurance also gives you the protection not only from accident with people who have car insurance but most especially to people who do not have car insurance policy. The road is never safe with uninsured motorists, so you need to be ready at all times.

In addition, getting automotive insurance protects your from financial burden that might result when you get involved in a car accident. Depending on your limits, there is a certain amount that your car insurance company will pay when you are in that situation. With no car insurance, you will have to pay everything from your own pockets.

Go find a vehicle insurance now to be able to drive around feeling more secured. Enjoy driving your first car!