THE RISKS OF NOT PURCHASING AUTO INSURANCE IN MARYLAND
If you pay for auto insurance in Maryland, you may have considered whether or not it’s truly worth it. You may have a clean driving recorded for the past 10 years and consider dropping your plan or reducing the amount of liability insurance you have. While you might enjoy the immediate savings, the future repercussions are much worse.
Most states require that you carry proof of insurance in your vehicle at all times, otherwise, you could face substantial fines or jail time. So, not having insurance can cause a significant loss just from being pulled over for a traffic violation.
If you don’t have car insurance, you will also discover the following to be issued as well:
• If you’re involved in an accident that wasn’t your fault and yet you don’t have insurance, you may be barred from suing the responsible party. Although you were not at fault, lack of insurance may cause a limit of legal recourse and compensation.
• If you don’t have insurance and you are responsible for an accident, then you may face substantial lawsuits from the third party involved in the accident. You could lose assets, such as your home, savings and more if you don’t have enough money to cover damages.
• Infractions may cause you to have a difficult time purchasing auto insurance in the future. Many insurance companies do not want to provide coverage for an individual who has a poor auto record.
Lack of insurance is just too costly in the long run compared to the short-run savings. You never know when you may be in an accident, whether your fault or not, and how important insurance is if you’re driving a vehicle.
The bottom line is that you should not compromise with auto insurance in Maryland. It’s so important that most states have laws requiring a certain amount of liability insurance. It’s your safety net if you are in an accident because damages and injuries are not cheap to cover on your own and you don’t want to lose your assets. If must decide what to pay for and what not to, do not let your auto insurance go. It’s more important to be protected than to risk driving without it.