How much do you have in savings and other assets? The answer, if you don't have auto insurance, is "not enough." While state law regulates required minimum liability coverage, the required amounts may not be sufficient to cover expenses associated with major auto accidents. If you don't have auto insurance, or are under insured, you could be sued for damages in addition to being cited for breaking the law.All Auto Insurance Companies are Rip-offs (or, I can't afford auto insurance!)
Auto insurance isn't cheap, but it can be well worth the price. If you get a car loan, the lender will require you to carry full auto coverage. This protects the lender if your car is wrecked or stolen. The insurance company will pay off your car loan if you have enough coverage. If you have an auto loan, and don't have insurance, you lender can repossess your ride. Worse, if you don't have insurance, and your car is stolen or totaled, you're stuck with paying for a car you can't use. All in all, auto insurance protects you and costs less than the consequences of driving uninsured.
License, Registration, and Proof of Insurance
You're pulled over by a peace officer, and are asked to present proof of insurance. If you don't have auto insurance, you risk losing your driver's license and you will get a ticket. If you're involved in an accident and don't have auto insurance, any accident victims' insurance companies may also seek reimbursement from you. You can avoid major financial and legal when you have auto insurance.
Check out the related article : Choosing Your Auto Insurance Type
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