Auto Insurance is a Necessity

A study by the Insurance Research Council (IRC) found that 13% of all US motorists are uninsured. Driving without auto insurance puts you at unnecessary risk. Similarly, there are many drivers who are underinsured, which means they are also financially at risk. You never know what will happen when you get behind the wheel, so protecting yourself with a reliable auto insurance policy is imperative. This coverage not only protects you but also your financial dependents. 

Here are four reasons why purchasing the right policy is a prudent financial decision:

Repairing or Replacing your Car

Consider the expense you will incur if your car is damaged in an accident or stolen. Repairing or replacing your vehicle without insurance can send you into a financial crisis. A simple car crash can cost an uninsured driver about $10,000 and depending on the severity of the crash, the cost can skyrocket. The benefits of having the right coverage for your vehicle far outweighs the cost of the policy.  

Out of Pocket Expenses

If you are at fault, you are liable to pay for the damage to the other vehicle, the other driver’s deductible and the medical expenses in the event of an injury. These expenses can incur for years to come. If a passenger were to develop a chronic back injury from the accident and you are at fault, you are responsible for paying for their medical treatment until they no longer need it. According to the National Safety Council, the average out of pocket injury expense adds up to $78,900. The monetary costs can be substantial and without the right coverage, you might even lose your personal property.

Potential to be Sued

Insurance policies are in place to protect you from financial ruin in the event of an accident. Without the proper coverage, the other driver and their insurance company can sue you for damages which can be extremely expensive. A sufficient insurance policy protects you from being sued for your personal property and assets.

It’s Illegal

In some states, it is illegal to drive without auto insurance. On top of all of the financial stress that will come from the accident itself, you can be fined up to $2,500, your car can be impounded and your driver’s license can be suspended for 90 days with a fee to get it back.

With more than two decades of collective professional experience in the insurance industry, I use my expertise and attention to detail to provide my clients peace of mind that they will be taken care of. 

Let Legacy Insurance Group help you find the right policy or increase the level of coverage you currently have. We work with the nation’s top insurance companies and will find the plan that meets your specific needs.

At your service, always.

Mike Payne | Legacy Insurance Group