Statistics have proven that there are thousands of motor vehicle collisions on our roads every single day. This means that every time you get into your motor vehicle, you run the risk of being involved in an accident. The accidents on our roads range from minor to major, and the best thing you can do is to ensure you are financially protected in the event of this happening. No one has the spare money lying around that it takes to repair or replace a motor vehicle, so it is best that you are insured to protect your financial health.
It is not unheard of for the repairs to a vehicle to rise into the thousands, and this can even be for minor repairs. The scenario is even worse when it is a luxury vehicle that needs repairing or replacing, as the costs for panel beating or replacement on one of those can be heart attack inducing! If you are repaying the bank on a car loan, and your car is written off or stolen, you would not want to have to pay for a car every month that you do not have. If you have sufficient car insurance coverage, then they will pay out the book value of your car so that you can settle any outstanding monies with the bank. If you have a fully paid off car but lose it, then at least you will be able to purchase a new one.
Furthermore, you need to consider the repercussions if you are involved in an accident with another person whom does not have auto insurance. What then? What if they are completely unable to pay for the cost of repairs or the replacement of your vehicle? Then you will also have to worry about finding the money for that. If you have a good insurance plan in place, then you will be covered. If you are lucky too, depending on the extent of your coverage, then you will even be allowed a hired car to use whilst your vehicle is being repaired, or until you have a new one.
You also need to consider the consequences of crime. You could walk out of a shopping mall to find that your motor car has been stolen. In addition to that, there is also the possibility of attempted theft on your vehicle. Thieves trying to steal your car, or removing belongings from it, can cause expensive damage. If you have car insurance, your vehicle will be covered against this.
In conclusion, it is not difficult to see why it is so important to have motor car insurance. The risk you take driving every day is not worth the far reaching consequences should anything go wrong.
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