Auto Insurance in Times of Economic Crises Because of these tough economic times, a substantial number of car owners and drivers are no longer buying vehicle insurance in order to cut costs. The estimated number of people driving without insurance can range from somewhere between 10 to 15%. But it is still mandatory in most if not all states to have insurance for your vehicle. To save money you need to find cheap car insurance coverage. You may find low rates on the internet or by calling auto insurance providers near your area. It is quite natural for car owners and drivers to just get the minimum state requirement in order to save money. However, such cost saving measure could backfire on you. Most accidents today could cost thousands of dollars in which the minimum coverage could not cover. If your auto insurance coverage could not pay for the whole amount, lawyers will certainly go for your assets in order to pay the balance. That is why it makes good financial sense to get an auto insurance coverage that is above the minimum requirement unless you have no assets to protect and the vehicle you drive has very low market value. Since there are a substantial number of people driving without adequate or any auto insurance, it is up to you to protect yourself financially just in case the unexpected happens. Getting a personal injury protection plan or PIP is good protection for you and your passengers in the event that your get hits by a motorist with inadequate or no insurance at all. A lot of states do not require you to buy this kind of coverage. But a PIP plan can pay for your medical and hospitalization bills, unrealized income or salary as result of the accident and other expenses you have incurred as result of the accident. You could recover around 80% of your cost from a PIP plan. This coverage can also give death benefits to your beneficiary. Before getting an auto insurance policy, make sure that the coverage included in the policy are the ones that you actually need so that you will waste your money. If you have a good health insurance policy or plan, then you may choose not to get a PIP plan. If it is a state requirement, then you could probably get the minimum coverage allowable. It is very important to get an auto insurance policy that you could rely on.
EmoticonEmoticon