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YES! It is legally required in almost all states that you carry a car insurance policy when driving a vehicle. There are also financial responsibility laws in almost all state, which means you have to posses enough assets to pay claims in case of an at-fault accident, even if the state doesn't have compulsory liability coverage. In case you don't have enough assets you have to buy at least the minimum coverage required by the state. But car insurance is used to protect your assets. If you've used a car loan to finance the purchase of your vehicle, your lender is likely to require comprehensive and collision coverage included in your car insurance policy and your loan contract. |
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