Why do I need to buy a motor vehicle insurance policy?

  • by Shivani
  • Feb 21,2018
  • 17 answers

Why do I need to buy a motor vehicle insurance policy?


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Insurance Answers (17)

Ima 4 months ago

It's the law, and the LAW will keep you from killing people with your motor vehicle.

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Casey Y 4 months ago

The law mandates that you buy insurance. If you want to know why the law exists though, I'd be glad to explain.
In the good old days, before cars, there were plenty of lawsuits associated with horses and carriages causing damage or injury. When cars started to become popularized and the damage/injury implications started to become more apparent, legislators (who are almost always lawyers) wanted protection for the impacted, innocent parties. As such, they required that people purchase insurance to cover the cost of the damage they cause.
If people had enough money to pay to replace someone else's car and for their medical injuries, this would never have happened. However, the damages/injuries which could be sustained typically exceeded most people's available funds.
Basically, those legislators wanted a way to pay off the lawsuits they were filing. I'm not knocking lawyers here, they have seriously good arguments about the need for mandatory auto insurance, but there was also some personal incentive included...

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chatsplas 4 months ago

Because it’s the law
To protect yourself and others from injury and damages
It’s part of living in civilized society

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Flower 4 months ago

In case someone hits you or you hit someone. You cant pay the whole cost yourself.

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StephenWeinstein 4 months ago

In case you crash and injure someone else or damage their property.

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curtisports2 4 months ago

Because every time you or someone else operates that vehicle on public roads, there is risk of injury/damage to people/property. You MUST be insured to protect others, if not protect yourself from others.

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g 4 months ago

Why?
In most jurisdictions it is the law to do so.
Why should you?
To protect and secure your financial well being and integrity in case your are involved in an accident which causes damages, injury or death. Without it, you are screwed.

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Eva 4 months ago

To protect the lien holder, to reimburse you for damage to your vehicle from an accident, to protect you from being sued by the other party if you are in an accident, and because it's the law in many states.

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H. Marie 4 months ago

if you want to drive on public streets you will get insurance

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rick29148 4 months ago

To protect OTHERS that YOU might injure.

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Rebecca 4 months ago

You don't. You can always take the bus.

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Shivani 4 months ago

In my opinion, it is essential for the owner of any type of motor vehicle – be it a two-wheeler or a four-wheeler – to insure his or her property. This is because such a policy can provide protection from a number of different types of financial setbacks that the owner of a motor vehicle can suffer.
I think we often have a very unidimensional view of vehicular insurance. We believe that it can only be useful if we are involved in a serious accident which causes damage to our vehicle.
However, vehicular insurance covers a lot of different things. For example, if your vehicle is stolen or struck by lightning, or even sustains damage in a terrorist attack, a good insurance policy will protect you from any financial losses. Additionally, if your vehicle is involved in an accident which causes damage to the life or property of a third party, the insurance policy will help you clear your financial liabilities in that regard.
Therefore, if you own a vehicle, it is important to both buy a good insurance policy and to ensure that regular motor policy renewalis done by you. This will protect you and your family from unforeseen financial emergencies.

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babygirl 4 months ago

Shivani is correct in this case .but ill add its wise to get insurance for the exact reasons Shivani explained.for a boat as ..well......... if you own one

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AJ 4 months ago

Why? because it is the law.

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Pascal the Gambler 4 months ago

The law requires it.

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Steve D 4 months ago

First, if you are financing the vehicle, the insurance protects your lender from a total loss on the vehicle would you get in an accident (either your fault or someone else's). This is why you lender requires full coverage as a requirement before issuing the loan. If you are paying cash (or have paid the loan off), then you no longer need to insure the lender against loss and reduce your coverage. Coverage is required at the lower level to protect someone you might hit (or someone's property you cause damage to) against your mistake. Most states have a minimum level fo insurance you must carry (they don;t want you carrying $a $10,000 deductible which does not really cover the other party since you might not have $10,000 - you are more likely to be able to pay the $200 out-of-pocket even if you have minimal coverage).
Driving is not a right, but a privilege and as such you are required to protect other people from your actions.

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vivienne 4 months ago

Because if u hit someone and dont have money to fix it your insurance will do that for ya

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