From making the payments to routine maintenance, owning a vehicle comes with a lot of responsibilities. If you are thinking about buying a vehicle, one of the most important things you can’t overlook is maintaining the required automobile insurance. It is common for people to think that paying their auto insurance premiums is a waste of money, a cost that they may never reap the benefits of. However, this is far from being the actual fact. Automobile insurance provides you with more benefits than you may realize. South Carolina Federal Insurance Solutions has gathered two of the reasons why auto insurance is important for the residents of South Carolina.
It is the Law
It is a legal requirement that vehicle owners carry at least the minimum amount of coverage. Liability insurance is the minimum type of coverage required by the law, which covers damages to the other party if the damage is caused by you. Although liability is the minimum required, you may want to purchase additional coverage or increase your coverage limits. Full coverage protects you as well as passengers, injuries, damages, and more. Since auto insurance is a requirement in all U. S. states if you are caught driving without it, even in a different state than your place of residence, you are at risk of being fined, arrested, having your driver’s license suspended, and/or having to pay higher insurance premiums later on.
Other than it being a law for vehicle owners to carry automobile insurance, having coverage can relieve your financial responsibilities should you be involved in an accident that was your fault. Getting in an accident is a stressful, scary situation, and the situation can get even worse if you are found to be at fault. When at fault for an accident, you are responsible for the cost of repairing the damages to the other vehicle as well as the cost of medical expenses for the other parties involved in the accident. So, carrying automobile insurance, especially if you have comprehensive insurance will help to relieve the financial burden you may be faced with for another person’s damage or injuries.
Although the minimum requirement by law is a liability, it is extremely important that you verify this is the minimum coverage you are required to carry. If you are leasing or financing your vehicle, comprehensive and collision coverage may be required by your lender.
Contact a trusted advisor with Insurance Solutions to learn more information about auto insurance requirements. We will provide a free review of your current policy coverages and limits of insurance to make sure you are protected!