Now a day, most of the people own a car in U.S and Europe countries.
Car owners purchase car insurance to ease the costs associated with
getting into an auto accident. The vehicle owner has to pay an annual
premium to get this car insurance. When there is a damage of the car due
to accident, the owner may be injured physically. Mentally he falls
into a dilemma of paying all the costs associated with his medical
treatments and the repairing of his motor. If he is a conscious and
caring owner of his car he will definitely have his car covered under
insurance policy. Then the owner does not have to pay the repairing and
medical costs from his pocket, he can relax and the insurance company
will pay all or most of the costs associated with repairing the vehicle.
There
are a number of states which requires a mandatory of having a Car
Insurance. The reason behind this is the increase in the number of
accidents in U.S and Europe countries. A new law has been passed
which makes it compulsory for the vehicle owner to have the insurance.
Since, this has been made compulsory so people are very much aware about
the financial backup of their car in case of any accident.
As one
buys a car with a major portion of his earnings in life, the car
becomes an asset for him to love and take care of. The car in return
will provide him the subsequent services for the opportunity cost the
owner left behind. As an asset the owner must have a Car Insurance to
ornament his motor as a gift. If the car lacks of having car insurance
and face any accident or damage, the owner might be in a confused
situation of what to do with a damage auto. Firstly the owner will have
to be in good health to deal with the smashed car. After recovering into
a good health physically, the car owner’s mental pressures are not yet
relaxed. The car owner has to decide what to do with the car, whether to
spend more of the lifelong earnings after its recovery or sale it as
scrap. Both the ways the car owner will have a loss of the precious
asset; money in the first decision and real value in the second as the
face value of a scratched car is obviously reduced.
Upon
considering the present scenario in the advanced world, one must have
Car Insurance to backup the financial costs of the car repairing and
remain undisturbed mentally. After all it is all about the hardworking
earnings of one’s life.
