Protect Your Finances With Car Insurance

3 Important Reasons To Purchase Auto Insurance

If you have just purchased a new car, you're likely hoping to get it on the road as soon as possible. Before you put the pedal to the metal, though, you'll want to make sure that you have auto insurance to protect you in the case of an accident. Although you may think that the chances of an accident are unlikely, or perhaps that you have enough money to cover your expenses if one does occur, it is still a prudent decision to purchase insurance for your new vehicle. Keep reading below for just three of the biggest reasons why.

Legal Requirements

In most states, car insurance isn't something that the law sees as a simple convenience; it's a requirement. It's true that in some states there are technical workarounds to this, but they almost always involve paying tens of thousands of dollars to a treasurer, comptroller or judge in exchange for bonds. Plus, these bonds don't act as a form of insurance anyway. Paying for auto insurance is not only much simpler, but it also means that you can rest easy knowing you won't have to deal with severe legal penalties in the event you do get into an accident.

Paying for Repairs

If you only hold whatever liability insurance is mandated by the state in which you reside, you may find yourself regretting it. Even if you are only involved in a relatively mild fender bender, the cost of repairs can easily cost thousands of dollars. With auto insurance, the cost of repairs is taken care of; without it, you're stuck either paying for repairs out of pocket or driving a damaged car. Regardless of who is at fault in an accident, auto insurance essentially pays for itself by taking the cost of repairs off your plate.

Paying for Medical Bills

In a best-case scenario, the repercussions of a car accident involve a few repairs and no injuries. Unfortunately, many accidents are more serious. If you or a loved one has injuries -- minor or serious -- the medical bills that pile up, as a result, can be truly overwhelming. Most people are unable to pay these bills completely or on time by themselves, which is another huge reason why purchasing insurance is so important. With auto insurance, you and any other passengers in the car at the time of the accident are covered, so that you can focus on recovery and not finances. 

To know more about auto insurance, contact an insurance company near you.