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When you are first starting out on your own it is hard to know how to factor in all of the many costs of life like income taxes, health care, rent payments, car payments, credit card bills, utility costs, student loans and food expenses into a monthly budget. While you were in school you may have dreamed about your first real job after you graduated, but then reality hits and you may discover that you don’t seem to have enough money to pay for everything.
Students loans and credit cards may be one a few of the major reasons why there are so many people who drive around without have auto insurance. Misplaced priorities and lack of money can lead many individuals to drive a vehicle without having auto insurance which is legally required.
Letting your auto insurance lapse or not even getting it might seem like a good way to save on money. However, consider how much your expenses could potentially be if you were to become involved in an accident and the police give you a ticket. A ticket may not seem like much, although it could cost up to $1,000, but there is also the possibility of physically injuring someone in an auto accident. For serious injuries, hospital bills could cost as much as $50,000 or more, and there would also be the cost of paying for their damaged vehicle.
According to the Insurance Information Institute, fines for driving without auto insurance varies from state to state. It depends on what percentage of drivers are uninsured. As an example, in Massachusetts the fine ranges anywhere from $500-$5000 and you may also have to serve a one year jail sentence. In the state of Florida, your vehicle may be impounded if you are found to be driving without insurance when you are stopped by the police or become involved in an accident. You are then charged storage fees until you can pay to get your car out.
To find out what the exact penalties and fines are in your state when you drive without insurance, you can visit your local Department of Motor Vehicles. Once you know what the fines are and compare that to an insurance quote, you will realize that it is much more finally sound to have auto insurance.
To search for the best auto insurance, you can look online and visit a few insurance company websites. These companies make it very easy for you to get free and fast quotes right from their website. You can obtain a quote in as few as five to ten minutes. Find an insurance company that offers twelve and six month payments plans so that it will be easy for you to budget insurance costs.
Also keep a look out for different types of discounts on auto insurance that you may be able to qualify for like university or college discounts, senior discounts and good driver discounts. Discuss with your insurance agent to find out if there are any discounts that you qualify for.
You can also find insurance websites online that allow you to compare multiple rates from different insurance companies. This makes it easy to comparison shop.
