A lot of people find it economical to just make do with the liability insurance that is mandated by law. The liability insurance covers for medical costs and damage repairs of the other party in accidents caused due to your fault. However, there are other types of insurance like comprehensive, collision, uninsured motorist accident, etc. which will protect you from unforeseen costs. Here are some of the reasons why you need full-fledged auto insurance package.
Your expenses will be predictable
When you have auto insurance, you can budget some money every month for it. This is far more predictable compared to the big sums that you will have to cough up in case of accidents when you don’t have any auto insurance to cover the damages. Sometimes, the costs could be way too high leading you into debt.
Medical costs
It is advisable to have auto insurance to cover for your medical costs after accidents irrespective of whose fault it was. No-fault insurance is usually a relief in such scenarios as you would get the coverage irrespective of whether or not you were responsible for the accident. Medical costs could be quite high in serious accidents and financial assistance is always welcome.
Unforeseen natural disasters
Comprehensive coverage protects you against unforeseen disasters. If there is an earthquake or a cyclone and you lost your car to such disasters, the comprehensive coverage will always take care of it. This means that you wouldn’t stand to lose anything due to such disasters which one cannot predict at all.
Uninsured motorists
A lot of people are confident that if the accident was a mistake from the other party, their liability insurance will cover for the cost. However, there are situations when the other party is uninsured. In such a scenario, you will be left high and dry, without any option but to spend your own money. There is insurance to cover for such cases as well, so that you have all your bases covered at a very minimal cost.
Peace of mind
Auto insurance gives you peace of mind more than anything else. It is relieving to realise that there will be coverage in case of accidents that will take care of your medical costs or the costs of the other party. Sometimes you might need legal support as well which could cost you quite a bit. Therefore auto insurance is absolutely imperative.
