Is Auto Insurance in Indiana a Necessity or a Luxery?
In buying a car in Indiana, many people often ask themselves because of the extra costs incurred if auto insurance in Indiana is really necessary or if it is a just a luxury. Many people think that if they drive carefully and infrequently, they can get away with not having insurance. However, car insurance is a necessity for two reasons: You cannot control how those around you drive, and more importantly, it is the law.
Even though it can be quite expensive to keep your insurance, not having insurance is almost always way more. Let’s say hypothetically, you forego paying insurance for two years and save $2,500 in the process. Because you have this money in your pocket, you might think that you have made a good decision, but it is never a good decision to go without insurance.
However, after two years let’s say you are driving in poor weather and you accidently slide into another car. It is your fault and the other car is totaled. The car is worth $12,000. Three people are hurt and have extensive medical bills totaling 75,000 dollars. Because you slid into them, it is your fault and you are legally obligated to cover all costs.
How does it seem now? If you had decent insurance coverage your provider would have covered all the costs, and at the worst you would have been responsible for a minimal deductable. But because you tried to save $2,000 you are now obligated to pay nearly $90,000. Is it worth the risk?
Most people don’t have access to that kind of money so they are forced to liquidate all of their assets, selling their homes, cars, and property. People often have to change their lifestyle because of this poor decision. With the risk of getting in a wreck, it is vital to have car insurance
In addition to the costs of being in an accident without car insurance, it is also illegal to drive without it. If the police discover you have been driving without proper insurance, they can take away your license, take away your car, and impose large fines. It is much better to have car insurance to prevent any of these things from happening.
In addition to being very risky to drive without insurance because of the costs you may incur, it is also strictly prohibited by law to drive without insurance. If you are caught driving without insurance, you will probably get a hefty fine, and you may also have your license suspended, or be thrown in jail.
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