Introduction to Auto Insurance
There are over 160 million registered vehicles in the US today, driving the streets on a daily basis, which leads to several accidents per second. To be exact, someone is involved in an accident and injured every 14 seconds. And even scarier is the fact that every 13 minutes there is a fatal accident on the road. Not to mention that a vehicle is stolen every 20 seconds. All these figures tell you how necessary the auto insurance umbrella is to everyone who takes on the road for travel or commuting. All adding up to over $90 billion in annual losses due to accidents, theft, and vandalism.
Auto insurance plays a huge roll in protecting you from the perils mentioned above, which is why auto insurance is the most purchased type of insurance for property in America.
Most states require all drivers have auto insurance, mandated by law. Sadly for some drivers, they fail to understand the auto insurance protections in depth and have little protection or spend too much protecting unnecessary aspects. Otherwise called under insuring and over insuring respectively.
Auto insurance might be legally required of all registered vehicles and drivers, but it’s a great tool to protect you from the following things:
- Protect your car’s value in case of an accident.
- Make sure the company who lent the money to purchase the vehicle is paid back in full.
- Take care of any medical expenses that might arise from a severe auto accident.
- Protects you and your financial future against accident related lawsuits, which are triggered quickly after an accident.
- Protects the assets you’ve worked hard for like your home, 401k, and other investments that might be exposed if the lawsuit is big enough.
- Protect you against uninsured or under-insured drivers;
- Pay for repairs needed as a result of theft, vandalism or natural disasters; and
- Give you peace of mind regarding your vehicle.
Do all states require you to purchase liability insurance?
All states do not require residents to purchase liability insurance. Instead, some states, while not mandating liability insurance, have “financial responsibility” laws. These laws require that all drivers be able to pay for any injury or damage they may cause. Carrying liability insurance, however, is typically thought to be best way for residents to meet their state’s financial responsibility requirements.
Hello world!
We are extremely excited to be launching this site dedicated to helping the consumer know more about Auto Insurance. Our goal is to bring confidence about the subject and provide the best value through information. We’ve partnered with several auto insurers to make sure you get the best possible deal and we encourage you to compare multiple quotes online.
Every week, we’ll post a new video telling someone’s story of how auto insurance has made an impact in their lives. We aim to become the leader in your local rankings through great content and resources that other sites fail to deliver.
We look forward to serving you!
iAutoInsurance.net Team