May 03
2012

The Importance of Having Insurance

The Importance of Having InsuranceRecently, I asked a group of my family and friends why they thought having insurance was important. The majority of the responses were something along the lines of, “Because it’s the law”. This response got me thinking about what the true importance of having insurance was. I have been in the insurance business for many years and know how important it is, but what about for the regular consumer? Yes, it is mandatory in most states and by most car insurance lenders if your car or home is financed, but the truth is that insurance is protection for you and your family. We have all seen the news when an apartment building goes up in flames or a there is a tragic car accident that kills a parent. It will not help with the trauma of going through something like this, but when you are properly covered by an insurance policy at least you will be able to rebuild that house or that parent’s family will be financially ok.  If you do not carry home or renters insurance, how will you replace your belongings? If you do not carry life insurance, how will your family survive without your wages?

¿Have you ever been in a car accident?

In many situations your car is one of the biggest assets you have as a consumer. If you decide to bend the rules and go without insurance or buy a cut rate policy, you may leave yourself without a way to fix the car. You may also find yourself at the bad end of a lawsuit from the other party involved. Many states have laws that provide protection for consumers against drivers who do not carry insurance, such as the ability to garnish your wages if you are not insured or under insured.

No, insurance has never been a product that we as consumers like to purchase and it’s always a tough day when that monthly premium comes out of your account. Just keep in the back of your mind that when the day comes when you need to use it, you won’t want to have to worry about if you purchased enough coverage.  

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