Why Is Insurance So Important?

Insurance is an expensive necessity that many people do without simply because of the high premiums. Even with politicians promising to lower insurance rates, the fact is that we live in a society in which many people simply can’t afford to carry coverage. Unfortunately, this lack of coverage can hurt your bank account much more than a monthly premium can and without it, you could even find yourself in a financial hole in which bankruptcy is the only salvation. If you are living without insurance, it is time you reconsider.

Auto Insurance

Auto insurance is very important not only to you but to the drivers that you encounter on the road on a daily basis. Every state has different laws when it comes to the minimal amount of coverage needed to keep you on the road, still there are drivers out there who go about their day without the insurance, counting on fate to protect them. The fact is that the reason state’s impose these laws is not to protect you as the driver but any driver who you may run into. Liability insurance is generally the minimum that states require in order to drive and this insurance will cover the damages done to whoever you may get into an accident with. Without that insurance, if you happen to get into an accident that is deemed to be your responsibility, you will be liable for the entire amount of the damages yourself. Paying a monthly premium is definitely preferable to having to pay a lump sum to fix a car that you damaged.

Medical Insurance

Medical insurance is even more important that auto insurance, though it may not carry the same legal ramifications for choosing to go without coverage. If you have ever been injured and required medical attention, insured or not you understand just how costly it can be. Hospitals and doctors’ offices do have a state mandated list of what they can charge patients for various services and products and that list allows quite a bit of markup on those items. For instance, a single aspirin may cost you up to $10 in some states, while that paper sheet that you laid on during examination can cost about the same amount. Thos expenses add up quickly and if you don’t have insurance, you may be the victim of sticker shock once that bill comes in.

The bottom line is that insurance is important not only to make sure that you are always safe but so that those around you are safe as well. Neglecting coverage or outright refusing to carry coverage is not only dangerous, it is selfish. Insurance is important and without it, you are just asking for trouble.