Owning a car certainly comes with a lot of benefits and conveniences. It does not only get you from one point to another or allow you to go on road trips with your friends. It can surely also become a source of livelihood (by registering with Uber or Lyft, for instance). And while a lot of people know that cars are assets that need some protection, only a few are actually doing something about it. It’s time to rethink your priorities. It’s time to get a car insurance policy.
Not getting such protection will lead you to different unexpected outcomes. Here are some of those consequences that you need to keep in mind:
Settling upfront bills
Should you get into a road accident where you, your passenger, a pedestrian, or another driver get injured, you will be mandated to cover the bills and expenses. You could have avoided the unnecessary expenses should you have the right car insurance. Things might even get worse, especially if the damage or injury is serious.
Dealing with legal repercussions
The law will require you to pay the injured party and the damaged property. But if you cannot do this, you may face legal charges. In many cases, dealing with such legal backlash will also cost you some money.
Your business will be affected
Are you using your car for business (e.g. Uber or DoorDash)? If you get into an accident and your car has a lot of damage, you will not be able to operate until your vehicle gets repaired. Your source of income will be negatively affected. Also, take into account the cost of the repair.
Not getting a car insurance policy has a lot of consequences that you might have not considered. But if you decide to get one, you need to pick the package that actually suits your lifestyle. For instance, if you’re managing a fleet of cars for rental services, you may want to pick a policy that allows you to protect multiple vehicles and cover different emergency scenarios.