I haven't had a car accident in over 20 years. Insurance premiums are rising so much every year that it's burdensome. Do you really need expensive full-coverage insurance?
Q ; You know that medical insurance or car insurance are absolutely necessary, but in fact, we have been accident-free for well over 20 years. After the pandemic, insurance premiums have risen too much, putting a heavy burden on households.
Some say to pay only the minimum deductible and find the cheapest one, while others say to get the insurance with the best coverage just in case, even though it is literally insurance. It feels like a waste of money just being wasted, but what should I do?
A ; Surprisingly, many people think that car insurance premiums are a waste. However, if you look at the cases of people who have had an accident at least once, most of them say that it was a good idea to prepare safe coverage.
The reason is that in the event of an accident, you can sufficiently compensate for damage to your own property or body of the other party, and protect yourself from unexpected large expenses, thereby preventing financial bankruptcy.
This means that if you stick to a plan that is too cheap and you cause an accident, you may not be able to compensate for the other party's damages, and you may end up having to pay civil and criminal liability and fines.
Of course, setting an insurance premium that matches your income should be a priority, but it is better to choose a method that will provide financial protection for a safer and more secure future and protect you from large costs.
We recommend providing as stable coverage as possible, especially in cities where traffic accidents are frequent, such as Las Vegas.
If I cause an accident and the other party hires a lawyer and files a civil suit demanding billions of dollars in compensation... It happens more often than you think... . If your insurance does not have sufficient personal and property compensation coverage, your personal assets may be seized.
Also, in the case of a car that has been paid off, if you take out liability insurance that only covers the other party, you may not be able to cover repair costs that are much more than the value of your car, and you may end up losing your car.
Therefore, if you maintain appropriate coverage that suits your income level, you can literally feel the power of insurance. In other words, if an accident occurs, you still have money left over even after deducting the insurance money you have paid.
I don't get into accidents? This kind of thinking is a very dangerous idea. Please prepare in advance.
This article is general information, not legal advice about your specific situation.