Does Life Insurance Offer Enough Protection to Forego Car Insurance?

July 10, 2017

Does Life Insurance Offer Enough Protection to Forego Car Insurance?


Does Life Insurance Offer Enough Protection to Forego Car Insurance? - Car insurance may have been declared as mandatory in majority of states, with just one state, namely New Hampshire, allowing car owners or drivers to only provide proof that they will be able to pay for damages should there be an accident in which they are proven at fault. Car owners who reside in New Hampshire may opt out purchasing this type of insurance, however, they must post some cash and bond equal the amount of damages caused by the accident. As compulsory as it may, there is a wide range of insurance and sometimes we cannot help but wonder whether or not we can forego purchasing this insurance when we already have another type of insurance. Here, in this article we are not only going to provide you with information on a few of the alternatives but also compare them and find out whether or not we can forego purchasing them when we are already covered.
Does Life Insurance Offer Enough Protection to Forego Car Insurance?
Does Life Insurance Offer Enough Protection to Forego Car Insurance?


Life Insurance and Car Insurance; which one is better?

Auto insurance is one of the most important thing to have when you own a car, but we cannot forget about the fact that just like any other type of insurance, automobile insurance policy is more a pain in the rear than a benefit. This is largely due to the fact that this type of insurance typically comes with a rather expensive premium and car owners always end up having to allocate a huge chunk of their hard-earned money to pay for their insurance. While no one would like to get into an accident, that amount of money seems like a waste of resources when there is virtually no claim to be made.

While we cannot deny the importance of automobile policy coverage, the fact that car accident is the only thing covered by automobile insurance and not any other situation often forces many of us to think whether or not it is worth it – and whether or not Life Insurance would be enough. Yes, when you think about it, life insurance policy seems like a better choice compared to automobile insurance simply because it covers every single aspect of your life.

Types of automobile insurance and the benefits they come with


Should someone got into a car accident and died, the insurance would insure that and give the ones who were left behind a peace of mind. However the problem arises when damage is involved and they must either repair or replace the car as a result – because life insurance doesn’t cover that.

The most ideal way to be adequately covered is adding an extra policy to ensure should there be damages to pay, the following is a list of two of the most common types of automobile insurance:

•    Comprehensive insurance

This type of automobile insurance typically covers any damage that is not the result of collision such as vandalism, fire, natural disasters, falling objects and many more. If you’re leasing, this coverage is often required – however, this type of coverage is optional when you outright own the vehicle.

•    Liability insurance


This type of insurance cover not only the legal payouts, but also the legal costs should the insured is found responsible.
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