Car Insurance: What Happens If I Don’t Have It

In our last article we took a realistic look at insurance companies and pointed out that their highest concern is their own profit. Yes! They are in business to make money. We also said how important it is to contact our office immediately when you or a loved one is injured in a wreck as a result of someone else’s negligence. If you don’t you can expect that the insurance company will contact you and try to get you to make statements and take steps that will not be in your best interest.

However, we are certainly not saying that you should not carry car insurance. And, we also strongly recommend that you purchase uninsured motorist coverage. Here’s why. Let’s say you only have what’s called “PL/PD”, and you get into a wreck that’s not your fault, and that at-fault driver does not have insurance. It’s ugly. No coverage will be available to you. This means you will not be compensated for your injuries, no matter how serious they may be. So, even if you decide not to buy all of the options with “full coverage”, try to buy uninsured motorist protection.

To save $$$, here are the “Top 5” ways to get the best deal you can on car insurance, as recommended by JDPower, the independent automotive authority:

  1. Shop around. Avoid the habit of just signing up with the same company each year, shop around for the best price, and do it a couple of times each year.
  2. Multi-policy insurance. If you put more than one vehicle on a policy, or also insure your home through the same company, you’ll save money.
  3. The higher the deductible on your policy, the lower the premium that you will pay to buy it. The down-side here is that in the event of an accident, you will pay more before your insurance pays, but this is a way to lower your regular premium cost.
  4. Price insurance for a car before you buy it. There can be a big difference in the premium you will pay, depending upon the type of car you buy.
  5. Discounts. We know that all insurance companies offer good driver discounts, usually that means no accidents or tickets (parking tickets don’t count) in 3-5 years. But there may be other discounts available to you, such as, a low mileage discount if you don’t drive that much. Safety feature discounts may be available if your vehicle has air bags, anti-lock brakes, or an alarm. Senior discounts may also be available if you are over 50 years of age.

Car insurance is something we hate to pay for, but should try to have. At least there are some ways to save money.