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GettingAhead Association Home » Consumer Financial Information

Almost every state requires you to have auto liability insurance.

All states also have financial responsibility laws. This means that even in a state that does not require liability insurance you need to have sufficient assets to pay claims if you cause an accident. If you donít have enough assets, you must purchase at least the state minimum amount of insurance.

Insurance exists to protect your assets. Trying to see how little you can get by with can be very shortsighted and dangerous.

If you've financed your car, your lender may require comprehensive and collision insurance as part of the loan agreement.

This article was submitted by the Insurance Information Institute, an organization that provides facts and assistance free of charge to the media, individuals and organizations. Submission of this article does not imply an endorsement or recommendation of the Financial Resource Center site.