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Why should one have a car insurance?
Why should one have a car insurance?
Car insurance is effectively a contract between yourself and an insurance company in which you agree to pay premiums in exchange for protection against financial losses stemming from an accident or other damage to the vehicle.
The Auto Industry is worth about $316 billion, as of 2022.
According to Fatality Analysis Reporting System(FARS), There were 35,766 fatal motor vehicle crashes in the United States in 2020 in which 38,824 deaths occurred. Having Insurance will give you a financial edge in times of crisis. If you have been in an accident then the Hospital and Vehicle repair costs will be very high and is almost impossible to pay at the moment, Insurance helps you out here by taking that financial burden on itself.
The map here shows the number of crashes per state that have occurred in 2020. The state with maximum number of crashes is California with 3558 crashes.
Benefits of taking Car Insurance
According to the Insurance Information Institute, the average yearly cost for an auto insurance policy in the United States in 2016 was $935.80. On average, a single head-on crash can cost thousands of dollars in losses, so having a policy will cost less than paying for the accident. Even if you significantly damage someone's property, your car insurance shields you from legal action. Your insurance protects you and supports you in the event that someone makes a claim against you due to an accident. Legal fees are also covered.
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