Insurance is crucial in protecting the average person from sudden financial tragedy. A sudden medical bill could spell ruin to your finances for years if you don’t have a large enough emergency fund. The same could be said of totaling your car without insurance. This is why the normal person buys things like car insurance. However, what if you are not in the average financial situation? Is it really possible to self-insure yourself when it comes to your cars? Is this even a good idea? Please read on to find out.
Whether you talk to a car insurance agent or not really depends on just a few things. You need to understand your cash flow and your savings. If you are making a boatload of money each year and have enough in savings to replace your current car, you don’t really need auto-insurance. However, this is a rare situation. Plus, you may still want liability insurance. This is because small liability insurance payments can cover you for millions. In fact, liability insurance may just be the best value in the insurance world. What you decide to do really depends on your unique financial situation. Regardless, don’t sleep on liability insurance and the major value it provides.