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The Cost of Car Insurance Is It Worth It?

 

Having to find car insurance is a task that makes most people groan and drag their feet. The thought of having to spend hours on the computer researching policies is not one that makes many people clap their hands in glee. But it’s not the thoughts of tedious research or fighting to understand the policies that are the biggest burden; it’s the thought of having to spend money on car insurance that makes it such a drag. But if you understand what the cost of car insurance really covers, you’ll see that it’s worth the time, effort, and, yes, even the money to find a great auto insurance policy.

When people think about the cost of car insurance, most of them think of the cost of the premium first and foremost. It’s true that the insurance premium is the cost of insurance that you feel the most; it’s the cost that’s coming out of your pocket every month, after all. But you should think about what this cost is covering. It’s not only covering the cost of repairs to your car in case of an accident or emergency. It’s also covering the peace of mind that comes with knowing that you’re covered, even if the worst should happen.

The cost of car insurance also includes the cost of the deductible. Even though you’re paying a premium, if you get into a car accident, you’ll still have to pay a deductible. For example, if your deductible is $500 and you get into an accident that causes $1000 of damage to your car, you’ll pay for $500 of that damage and the auto insurance will cover the rest. The deductible is usually paid per occurrence, so depending on what you think your risk is of getting into multiple accidents in a year, you may think it’s worthwhile to pay a higher premium for a lower deductible.

Nobody likes having to dish out money for car insurance. In fact, many people wouldn’t get car insurance at all if their state didn’t make it a requirement to drive. But the truth is that it’s worth the money to be covered in case of an accident. And if you ever do get into an accident, which is likely if you drive at all, you’ll regret not having invested in car insurance. The cost of car insurance is worth the peace of mind that comes with it.

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