There are plenty of people who would happily see car insurance abolished entirely. Not only can it be costly, but most will never have the need to make a claim. However, insurance still remains a legal requirement in countries around the world; so why is it necessary today?
Protection for all parties
If there was no insurance, the roads would be a very different place. With drivers having no financial or legal culpability, there could well be an increase in collisions. Having a comprehensive policy provides drivers with the security of knowing they will be looked after in the event of a crash and also reminds us of our responsibility to others on the road.
After all, if you are found to have caused an accident, you will be liable and your insurer will have to pay up; usually resulting in an increased policy price when it comes to renewal. However, even with rising prices, the one off cost of replacing a written-off car (or perhaps even more than one) could be significantly greater, creating a huge financial burden.
Effectively car insurance should always act as a safety net for motorists. Whilst we all hope that we will never have the need to use it, sometimes things happen that are completely out of your control. If they do, knowing that you're covered and won't have to carry the financial responsibility alone is certainly no bad thing.
Reduce the fear of theft
Car theft is still a major issue in the UK. In 2010 there were 479,000 reported incidents in Britain alone; whilst this was down 16% on the previous year, it is still a problem that impacts the lives of millions.
As with collisions though, if you have insurance, the theft of your car doesn't need to have a massive impact on your life. Whilst it is likely to cause a fair amount of distress and anxiety, the situation should be quickly and easily resolved simply by calling your insurer. As with most things the process can be protracted and will be dependent on the police findings as well as the state of the car (if returned).
However, if there was no car insurance available, any kind of theft would have a devastating effect. Not only would you feel the injustice of having somebody take your property, but you would then face the galling situation of having to either repair your recovered vehicle or buy a replacement. This magnified what is already a horrendous situation.
Whilst insurance can't prevent lawlessness and won't stop some people from driving recklessly, it does at least provide a solution to the potential results of such actions. Without insurance it would be difficult, perhaps even impossible, to compel offenders to provide compensation.
So, in essence, car insurance is as important today as it has ever been. Whilst there will always be those who choose to ignore it or complain about the legal obligation to have a policy, the alternative would be much worse.
Vincent Rogers is a freelance writer who writes for a number of UK businesses. For the best priced direct car insurance, he recommends Dial Direct.
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