Why couldn’t somebody just put money in a savings account monthly instead of paying insurance monthly?
In: Economics
Just a following note… almost every must pay for LIABILITY insurance, meaning if you hurt someone, or if you crash into property, the liability insurance will pay the damages. OR you have enough to cover the minimum required liability in your state.
BUT a lot of people don’t have COLLISION insurance. If your car is pretty old, it might not be worth it to pay out hundreds a year to have insurance that only pays for damages to your own car. If might be worth it to you to drive around with a giant dent in the fender rather than have insurance to cover it. If you bought a brand new Tesla, then sure, get collision insurance. If you are driving a 1985 Hona Civic, then maybe not. Collision is to cover YOUR car, you still MUST carry (or cover) liability which would cover damage to other people’s car, property or person.
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