What Are the Benefits of Car Insurance?

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The benefits of having car insurance simply cannot be overstated. Learn about the benefits of car insurance with help from a fee-based insurance and risk management consultant in this free video clip.

Part of the Video Series: Auto Insurance
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Video Transcript

Hi, I'm Dan Weedin. I'm a nationally-recognized insurance consultant, and today we're going to talk about what are the benefits of car insurance. I'll tell you right up front the biggest benefit in my mind is something called peace of mind. With car insurance you have the peace of mind of driving out on those roads, which depending on where you live can be pretty scary in and of it's self. But you have the peace of mind in knowing that if you get involved in a accident, whether it's your fault or not. If it is your fault somebody is going to be taken care of financially and it doesn't come out of your pocket and if it isn't your fault and it's your vehicle, you don't have to pay for it yourself. Let's be honest the cost of vehicles, whether it's your own or somebody else's, very expensive now a days. Heck, we have to take out loans of five and six years to pay off those vehicles. If you don't have insurance the potential of you having to pay for that is a reality so insurance is extremely important and that's probably in my mind the biggest benefit. That being said, there's benefit from a financial aspect to you long term as well. When you first took out insurance, you may have been young and thought I don't need that much insurance. Well, as time goes on you have higher needs for insurance because hopefully your bank accounts are also bigger, your responsibilities are more and the opportunity for you to be sued and have to financially make retribution to somebody who's been injured. That's a bigger deal as well. So the benefits are financial. You are basically transferring your risk, the risk of you spending money to somebody else for a small amount of money, which is your premium. So the benefits to me vastly outweigh not having insurance. Not having insurance basically puts you in a situation that you could be financially responsible for ether somebody else or your own vehicle and that's not a good thing. The benefits far outweigh the, the negatives and I highly recommend that as your looking at your insurance, you make sure it stays updated. To match your personal lifestyle and financial situation. Again, I'm Dan Weedin. Today, we were talking about the benefits of car insurance. Thanks for watching.

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