7 reasons why having personal and business car insurance is important

business car insuranceWhether you’re an employee or a business owner, owning a car is just about the best thing when it comes to convenience and saving time. After all, no one ever contested the notion that time is money, or did they? But then again, the valuable asset is not without a couple of dangers on the road.

Even for the most experienced, law-abiding drivers who keep their vehicles at top maintenance, collisions do happen. It only takes a matter of seconds and the next thing you know, you’ve hit a pedestrian or a cyclist, or better yet, another driver has bumped into you. Auto collisions could also be caused by bad weather or other natural events. In other words, no one is ever certain for sure that they won’t find themselves in an auto accident. This brings us to the big question — why exactly is auto insurance important for individuals and businesses?

Well, here are 7 reasons why having personal and business car insurance is important:

  1. You’re A Law Abiding Citizen

No matter where you go, probably worldwide, vehicle insurance is a requirement by the law. As a matter of fact, traffic authorities are mandated to confiscate your driving license in the event that you fail to provide proof of insurance. For an individual, you remain inconvenienced. For a business owner, it’s this or even worse, have to spend money paying for the release of your towed vehicle from the police station.

  1. Your personal auto insurance may not cover your business

This point is more inclined to businesses owners. If you own a vehicle that you use for your business operations, personal car insurance alone may not be enough. It may not provide you with adequate cover for auto accidents encountered during business activities.

As a matter of fact, most car insurance coverages do not provide cover for business-owned vehicles, especially since the cover limits differ by a huge margin. To protect your business in suits against your business vehicles, getting commercial and business car insurance is essential.

  1. It Can Save You Money

Whether to a business owner or an individual, auto accident costs do not always come cheap. Getting the right car insurance coverage allows you to continue with your business in case of an auto accident without much financial stress. With auto insurance, you end up spending a very little amount of money to get your car back on the road or compensate victims of your fault. Auto accidents can be the most intimidating nightmare if you don’t have an up-to-date car insurance cover. With the right insurance cover, you can rest assured you’ll be compensated in case you get into an accident.

  1. Insurance Goes further than collision cover

Don’t ever for a second, be of the notion that you don’t need vehicle insurance just because you’re the best driver in town. After all, car insurance covers more than just collisions. The right car insurance policy should protect your vehicle not only from the uncertain event of getting into an accident, it also from things such as theft and vandalism.

  1. It Keeps You on the road

When found driving without proper insurance, the effects may be more than just being booked or your vehicle towed to the station. You may have to go a few days, weeks or even months without driving depending on the applicable penalties in your country or state. Your license can be confiscated for quite a while, and this can be a serious challenge for your or your business. Having proper insurance keeps you on the road.

  1. Protect yourself and others

As much as health insurance is available, terms and conditions always apply. Bumping into a cyclist, motorist, or pedestrian my leave them in need of rather expensive medical care. If you’re caught at fault during an unavoidable auto accident, you may be required to cater for the resulting expenses.

Your auto insurance coverage can help protect you from resulting suits or cover the costs and expenses involved (including medical expenses for bodily injuries) during and after such suits are finalized.

  1. Additional Insurance Benefits

Having auto insurance gives more cover to you and your business. A good example is a scenario where you’ve parked your car in the parking lot or backyard and debris from a huge storm hits it and leaves it with some dents. As rare as it may sound, it happens. Most car insurers provide an extended policy that covers such rare issues. Without motor vehicle insurance, you or your business will have to cover the costs to fix your vehicle after such an incident.

The above are some of the big reasons to rush and get insurance for your business or personal vehicle, perhaps even before purchasing one. However, be sure to seek your policy from a reputable insurer. When looking for a good car insurance company, be sure to seek your policy from a reputable insurer.

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