Insurance is one of those necessary evils that is vital to having a sound peace of mind. First and foremost, it’s illegal almost anywhere if you are caught driving without having insurance of any kind. This is to not only protect you in case of an accident, but that of others as well. If you don’t have money, or the necessary assets, you need to have a financial means to compensate somehow for an at-fault accident caused by you. There are many forms of coverage you can carry, obviously the greater the coverage the more money you pay for it. You could elect for the cheapest coverage which will most likely cover only the legal requirements for insurance, and on the other end of the spectrum you can purchase coverage that extends to health and medical bills or extreme damage and liability to others.
Most people don’t realize that insurance coverage applies just about any motorized vehicle out there, not just the typical automobile. Motorcycles, RV’s, four wheelers, snowmobiles, and even boats all have specialized policies in case of an accident. Having a motorcycle I am very in tune with motorcycle insurance rates and they are reasonably priced for the amount of time you spend actually using one. Insurance companies understand that you don’t typically drive a motorcycle year round like you would a car. Based on that assumption, there is no reason that you should being paying a full price premium all year round either. If you use a recreational vehicle for 3 months out of the year then you should only be paying full price those same months.
One of the most important aspects of carrying insurance, that you should always remember, is to never let your policy lapse. It’s unfortunate how often this happens to people, and they are stuck without coverage at the worst possible times. Failure to pay your monthly premium, even from simply forgetting, can lapse your coverage. This is why I typically prefer to pay upfront for my entire premium, and it usually leads to a nice discount as well. Likewise, I have the peace of mind of not worrying about making payments every month, and thus knowing I have coverage at all times in case of an accident. Also, a lapse in coverage can make it more costly when it comes time to renew. Insurance is an added expense as it is, do yourself a favor and don’t tack on unnecessary costs on top of it.
