Car insurance is required by law in nearly every state including Illinois. While operating a vehicle without insurance is illegal, it’s not the only reason why one should purchase car insurance in Chicago. Keep reading to learn more about the protection insurance offers.
Financial Protection
Each day, people put in hours at their jobs to bring home money to pay the bills and provide for their families. Purchasing car insurance in Chicago offers financial protection to make sure if one is in an accident their income isn’t at stake. Drivers found at fault during an accident could be responsible for the other driver’s costs that could include vehicle repair, medical expenses, and legal fees. Without insurance coverage, the other driver could sue the at-fault driver for these costs.
Lenders Require Vehicle Insurance
When leasing or financing a vehicle, one must have adequate insurance coverage. Lenders require insurance because they want to protect their investment. Many lenders recommend gap insurance, additional coverage that fills in the “gap” between what insurance pays should a vehicle be totaled versus what is still owed on the vehicle. Gap insurance is highly recommended because vehicle depreciation is significant. One will almost always owe more than what the insurance company will pay out if the vehicle is in a wreck where it is totaled.
Save Money on Repairs
If the vehicle is in an accident, even if no other vehicle is involved, auto insurance saves owners’ money on repair costs. File a claim and pay only the deductible. The insurance company covers the remainder of the bill.
To find affordable car insurance in Chicago, contact Accurate Auto Insurance online today
