Did you know driving without car insurance in 48 out of 50 states is illegal? Let Mid Atlantic Insurance Financial, serving the Laurel, MD area, provide you with this coverage so you can drive legally.
Car insurance is required because the liability coverage portion of your policy will help pay for covered losses like the other party’s medical expenses and any damage done to their vehicle or property resulting from the incident. This critical coverage financially protects you if you are at fault in an accident. It will cover the injured party’s medical costs or the repairs to their vehicle.
If you do not have insurance, the police will probably charge you with driving without insurance. You could then lose your license and face a hefty fine and sometimes jail time, depending on your state. When you then decide to purchase car insurance, you will pay a higher premium for the coverage.
You could lose your vehicle if your car insurance is canceled for non-payment of premiums. Throughout the term of a loan, lenders require borrowers to have an active insurance policy. If the premium payments are no longer made, the auto loan provider can repossess them.
If you can pay monthly or annual premiums, annually is almost always the least expensive way to pay. Many insurance companies will give you a discount for paying in full as it requires less processing for them.
Insurance companies will not charge you more if you are financing your vehicle. But you will have more coverage requirements which will cost more than if you owned the car outright.
Don’t drive illegally. Make sure you have auto insurance. Mid Atlantic Insurance Financial can give you a quote or answers to questions. Contact our team today.