1-In cases of emergency, car insurance can be a lifesaver. If for instance you have gotten into an accident resulting in causalities and traffic police establish that it is your mistake, you will have to pay a blood money of SR 300,000 per causality or permanent disability. We have numerous cases where people have spent their entire life in Jail for not arranging this blood money. Even a Third Party Insurance covers the amount up to SR 10 million. In this way, an insurance can save your life.[irp]
2-Your car is your asset. For several people, cars are one of the most valuable things that they purchase, next to their houses. One should always consider vehicles essential yet expensive, and in order to protect this essential asset, ensure it.
3-Your lender will need to be paid. Car insurance is one of the ways in which you can guarantee continuous payments on your car loan. Whenever you have an accident and cannot afford vehicle repairs out of your own pocket, car insurance will help you out, and you can keep paying the loan installments to the leasing company or to the bank.
4-It is usually the law, and it is not wise to break the law. Driving without insurance can result in monetary fines or even a suspension of the driver’s license. In some cases, the vehicle may be impounded.
5-One should always assume that accidents happen, mainly because they always happen. Insurance on your car will protect your finances from any sudden expense due to accidents. The car insurer will help protect your essential asset from any liability and/or lawsuit through the policy of the liability coverage.
6-Insurance can grant you legal protection. Though the legal expenses coverage doesn’t offer any compensation it can help you recover some losses which have been caused by the accident. Whenever someone sues you after an accident, even if they are wrong, the car insurance company will give you a shield or buffer between your wallet and the legal claims. This also includes providing an attorney that will be able to handle any lawsuit in relation to an automobile accident.
7-Insurance provides defense from calamities. Natural calamities can occur at any time, be it an earthquake, landslide or hurricane. These calamities may cause huge damage to your car and when it happens, insurance will back you up and protect you and your asset during any unexpected calamity. However, in this case, make sure you are subscribing for a comprehensive insurance.
8-Insurance provides non-accident protection too. A need for car insurance can also be extremely crucial in cases of vandalism and vehicle theft. Although some people forgo comprehensive insurance as it adds on to the cost of insurance, comprehensive insurance will provide you with complete coverage.
9-Insurance can prevent bankruptcy. Losing your only car can pull you down as well as your life. You may not be able to afford another vehicle, however, you will have insurance claims in order to help you recover.
10-Peace of mind. Car insurance can provide you with peace of mind as you know that your asset is protected by the insurance company.