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Auto insurance provides financial protection against liability claims and coverage for repairing or replacing your car. Most states require drivers to carry auto liability coverage as a minimum insurance requirement. However, drivers may still be required to purchase more auto insurance based on specific circumstances. Our team at Agency Advantage Insurance is dedicated to educating West Bloomfield, MI residents about the benefits of auto insurance.
What is Auto Insurance?
Auto insurance provides protection from liability claims if you’re found at fault for an auto accident. Auto liability insurance will cover the repair or replacement of another driver’s car as well as any personal injuries they suffer as a result of an accident. Auto liability insurance covers the repair of another driver’s car and their personal injuries resulting from an accident. Legal fees and medical coverage are covered by auto liability insurance. However, drivers can purchase more auto insurance to cover the repair or replacement of their own cars as well as their own personal injuries that occur as a result of an accident. Sometimes, drivers are required to purchase more auto insurance due to an auto loan.
Should I continue full coverage auto insurance even after recently paying off my auto loan?
Maybe. If you can’t pay for the repair or replacement of your car if you’re in an auto accident, it may be wise to continue with car insurance. If your car’s value is equal to or less than your insurance premiums, car insurance may not be worthwhile. You may not recoup much money if your vehicle is considered a total loss. In situations like this, bypassing full coverage auto insurance may be an excellent move. If you have questions about auto insurance, call us. We can answer your questions.
