SOURCE: MyRatePlan


October 25, 2014 11:22 ET

The Top 5 Reasons to Get Auto Insurance, According to

SEATTLE, WA--(Marketwired - Oct 25, 2014) - Today, MyRatePlan, one of the top websites for comparing insurance policies from different providers, announced the top five reasons for getting auto insurance. Such coverage prevents car accidents from adding financial hardship to what normally consists of physical and mental stresses. Professionals from MyRatePlan examined many factors, including industry reports, customer concerns, and claims statistics, to determine the following top five reasons.

1. Long-Term Savings

Depending on the gender, age, location, car model, and driving record, insurance costs can range from hundreds to thousands of dollars per year. This is a large expenditure for any budget. But compare the amount to the average costs of a motor vehicle crash, according to the National Safety Council, as of 2012: $8,900 for property damage that includes minor injuries, $78,900 for disabling injuries that are not fatal, and $1.4 million for deaths.

A single year's premium is far less than the cost of property damage from a one accident. And totaling even several years' worth of payments comes to far less than the cost of an injury or death, let alone several casualties. In the long run, insurance payments save money over the price of a claim.

2. Peace of Mind

It matters little if a driver is skilled at both the highway or racetrack, a tester at the Department of Motor Vehicles, or a stunt driver for movies or TV. He may follow traffic laws religiously and practice good driving habits and still get into an accident. This is simply because the behavior of other drivers is neither controllable nor predictable. And ideal driving conditions may turn deadly due to unforeseen weather events.

A good driver may be too paralyzed by the fear of other people's car habits to venture out on the road. Or, with enough insurance coverage, he may continue to drive with the peace of mind that comes from knowing he's protected from any eventuality. One of the primary jobs of a good insurance agent is to determine how much coverage is necessary to provide ultimate peace of mind for the insured.

3. Convenience

An accident can severely disrupt the routine of all those involved. Several hours may be needed just to recover from the emotional trauma. Then there's the possible loss of a family's only means of getting around, the time and effort it takes to either obtain a new vehicle or get the damaged one repaired, and the inconvenience of having to seek medical attention for any injuries. Finally, there are possible legal actions to contend with if any laws were violated or if the other party decides to file a lawsuit.

An insurance company can take care of many of these inconveniences outright, sparing the driver from any additional involvement. It can also guide the covered party into deciding how to deal with everything from car repair shops, lawyers, and healthcare providers.

4. Addition to Health Insurance

Drivers and passengers may not have sufficient health insurance to cover all the injuries that they sustain in an accident. Fortunately, car insurance providers typically provide coverage for health issues that develop among all vehicle occupants due to a crash. Among the things that insurance pays for include hospitalization, medical treatment, rehabilitation, occupational or physical therapy, dental work, extended nursing care, loss of limbs or senses, or in the worst case, funeral costs, which health insurance typically does not address.

5. It's The Law

Almost all states require car insurance, which usually specifies minimum dollar requirements to cover bodily injury and property damage. Some also mandate uninsured and underinsured motorist coverage, which takes care of any problems caused by a driver who does not have insurance. Not having insurance can result in fines, loss of driving privileges, or the impounding of vehicles. In such locations, not having coverage means the individual must essentially rely on public transportation, cycling, or walking because he is not allowed to get behind the wheel.

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