Car insurance is a legal requirement in all fifty states, but an alarming number of motorists are choosing to go without. There is a direct correlation between the economic problems facing this country and the number of uninsured drivers on our nation’s roads. A significant part of America’s population has endured painful financial setbacks and as a result, have decided to forego car insurance.
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According to a recent report by the Insurance Research Council, 13.8% of drivers are going without insurance coverage. This is an eye-popping one in seven drivers. This is based on a nation-wide average. In individual states the percentage can climb much higher; USA Today reports that in state of New Mexico 26% of drivers are uninsured – that’s a staggering one in four motorists.
These numbers indicate that uninsured drivers are numerous and also are on the rise. If you are a driver who is insured you need to take the necessary steps to protect yourself and your family. If you are uninsured driver you need to a closer look at your financial situation and realize the massive gamble you are taking. Let’s examine both scenarios and see what drivers can do to make sure they have the proper coverage.
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If You Are An Insured Driver
You have followed the law and have purchased car insurance coverage. You have enough protection, right? Well, it depends on the coverage you bought. Did you get uninsured/underinsured motorist coverage? Many policyholders balk at this insurance. “I have to buy extra insurance because someone else decided not to buy any insurance at all?” Unfortunately, as the numbers above demonstrate, the answer is yes. With the high amount of uninsured motorists out there it is prudent to buy this protection.
Consider this example. You live in an at-fault state and are stuck by an uninsured driver. The damages are significant – the total costs, including car repairs, medical bills, and lost wages total over $300,000. Who is going to pay for these bills? If the other driver can’t afford car insurance, do you think they have a lot cash or assets? You could take them to court and garnish their wages, but it may take many years for you to be compensated. And it’s possible you may never receive all the money that you are due.
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Uninsured/underinsured motorist coverage would allow your insurance company to pay for your losses immediately. Your bills would be taken care of. It would then be up to the insurance company to possibly sue the uninsured driver to get their money back. The good news is that this coverage is fairly inexpensive. Hundreds of thousands of dollars of coverage can be purchased for only tens of dollars per month. This extra protection is worth it. Get a car insurance quote and see how much you can save on uninsured/underinsured car insurance.
If You Are An Uninsured Driver
Perhaps you have decided not to buy car insurance in order to save money. And make no mistake, you will save – perhaps several hundred dollars a year. But these savings are temporary and the financial risk you are taking is much, much greater. If you are at-fault in a serious car wreck, you could owe several hundred thousand dollars. Hundreds of dollars versus hundreds of thousands – does that make sense to you? In short, by going without insurance you are taking the chance that you could be financially devastated, perhaps for the rest of your life. No temporary savings is worth that gamble.
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In addition to the financial catastrophe you could incur by not having car insurance, you are also breaking the law. If you are pulled over and are unable to show proof of insurance, you could be leveled with a hefty fine. Depending on the state, the monetary amount can reach into the thousands of dollars range. There is a good possibility that your driver’s license will also be suspended. Slapped with fines and could lose your license – more reasons to get car insurance.
It should be obvious that neglecting to buy auto insurance is a foolhardy decision. You are rolling the dice with your future. However, it is never too late to buy auto insurance. Get a car insurance quote and within minutes you could be on your way to getting the necessary coverage. By comparing quotes, you can also find the cheapest car insurance possible. So don’t delay, get a quote and buy a policy today.