Is Car Insurance Important For You?

If you have a car, you might be confused whether you should opt for car insurance or not. In some cases, you might be of the thought that car insurance is not really important for you because nothing really happens that will make your car miserable. This is an assumption you are making, and it is not a good thing to do because things can go wrong at any given point of time and you need to have insurance for your car to take care of the expenses related to it.


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Things can go wrong at any given point of time, and you might not be in a position to pay for your expenses when unexpected situations ok. For example, if you are involved in a car accident, your personal injuries will be taken care of by an insurance cover you have taken for yourself. However, your car will also need repairs, and if you do not have car insurance, the repair charges will be borne by you and that good effect your budget in a negative way.

Car insurance is also important because it is not very expensive. To make things easy for you, you will find repeated insurance agencies offering cheap car insurance and giving you additional benefits that will make life easy for you. Spending a nominal amount on car insurance is advisable because it will take care of the strange events that take place in your life, involving your car.

When we talk about car insurance, yet another important point to be noted is that comprehensive coverage will help you and ensure that issues like glass break, theft, fire are covered. This can be important for you, depending on the area in which you live. So, you need to take into consideration your locality and surrounding before going against the thought of opting for car insurance.

Interestingly, you might realize the importance of car insurance even when you are planning to send your call. If you are the car is being sold to someone else, and the learn about the fact that you have opted for term insurance, and the same is still valid, you can get a price higher than what is being expected by you. So, even if you plan to sell your car in the near future, having car insurance will be advisable. Car insurance is even offered on every new purchase by reputed car dealers.

Concluding, we hope you would understand the importance of car insurance and opt for it for every car you purchase.


About the Author

Ankur Shah
Ankur Shah is the founder of the Value Investing India Report, a leading independent, value oriented journal of the Indian financial markets. Ankur has more than eight years of equity research experience covering emerging markets, with a focus on India and South East Asia. He has worked as both a buy-side investment analyst for a global long/short equity hedge fund and a sell-side analyst for an emerging markets investment bank. Ankur is a graduate of Harvard Business School. You can learn more about his latest views on global markets at the Value Investing India Report. -- He can be emailed at