Having car insurance is required by law. If you cause an accident, your auto liability coverage helps to pay for covered losses, including damage to the other party’s vehicle, medical bills, and other damages that might result from the accident. It will also help cover your legal fees if the other person involved in the accident takes you to court. These are just a few of the benefits that come from having car insurance in Denver, CO.
If you have car insurance in Denver, CO, you have financial protection. If you cause an accident, you might be held responsible for any of the expenses. These include the injured person’s medical expenses, legal fees, their lost income, and pain-and-suffering. However, if you have liability coverage, this can help you pay for those costs.
Another reason why you need to have insurance is that if you are financing or leasing a vehicle, your lender is going to require that you have collision coverage. This is because the leasing agent is the lienholder of your vehicle until you finish making payments. Having insurance helps you protect the lienholder’s investment.
You may want to include gap insurance in your auto policy. This makes it possible for you to pay off the car loan if your vehicle gets stolen or totaled and the amount you owe is more than the vehicle’s depreciated value.
Learn how The Thompson Group has been designing and issuing insurance programs for individuals, families, and business.
