Why couldn’t somebody just put money in a savings account monthly instead of paying insurance monthly?
In: Economics
So say you buy a new car. You took out a loan to buy it and are paying it back, no problem. On top of that, you are putting some money away. A few months later, a big storm comes through and blows a tree over and smashes your car.
So now your car is gone, and you still have monthly payments, but you don’t have near enough to pay off the loan.
You don’t make enough money to make two car payments, What are you going to do?
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