It can be the bane of your fiscal existence or the greatest investment you’ve ever made, but auto insurance is something that anyone who owns a motor vehicle must purchase. We’ve heard it plenty of times before: “Why do I need car insurance?” Simply put: because you most likely can’t afford to shell out the cost of fixing your vehicle should you be involved in an accident. Given that there were nearly 40,000 deaths on U.S. roadways in 2016, it would not be wise to opt out on a simple monthly bill. In fact, Fortune magazine reports that that figure is 6 percent higher than 2015’s total and doesn’t factor in another 4.6 million people seriously injured in 2016 car accidents. Insurance Schools Inc. is on the forefront of educating prospective insurance agents who’ll have a hand in the aftermath of such catastrophic incidents. In this article, we’ll aim to explain why you should pay an insurance company for coverage.
– The financial factor: Paying into the pool that the insurance company oversees is par for the course. While a minor fender-bender could run you $50 to $100 to fix, a major collision is going to cost thousands of dollars. What’s more, you could be responsible for repairs to the other party’s vehicle and for motorist injuries if you’re found liable of causing the accident. According to the non-profit National Safety Council, the 4.6 million people injured in 2016 car accidents incurred $432 billion in combined medical treatment costs.
– Cutting out the middle man: In this case, that’s you. There’s a good reason why motor vehicle damage appraisers exist: These agents of an insurance company, who often began their career with pre-licensing testing with companies such as Insurance Schools Inc., have studied hard to complete their work. Handling the mounting cost of repair bills and hospital fees, insurance companies and their appraiser agents conduct the stressful work in the background while you get your life back together.
– The law’s point of view: Try telling your local department of motor vehicles or a police officer that your car is properly registered, but you’ve decided to forego auto insurance because you’re a careful driver. Agents who’ve trained with Insurance Schools Inc. will tell you that it’s not going to go over so well. In general, states want drivers to have insurance so the cost of repairs, medical bills and other physical damage done during the collision gets fixed and doesn’t result in mounting unpaid bills.