Wed, May 18, 2016
Think the cost of automobile insurance is too expensive? Think about this: if you injure someone or damage their property while operating a vehicle, you can be out a lot more than just an insurance payment.
Purchasing insurance to operate your vehicle is the law. The penalty for breaking the law can be a fine, demerit points, loss of driving privileges, imprisonment, financial ruin, or any combination of these penalties, even all of …them.
In Alberta, the fine for getting caught while driving without insurance is typically more than double the cost of one year's insurance. Driving with no Insurance, including being the owner of the vehicle and allowing someone to drive it uninsured, carries a $2875 fine.
Damaging one's own vehicle can cause inconvenience and financial hardship when having it repaired. An injury to one's self as a result of an accident can lead to a loss of income, the inability to work or even the loss of enjoyment of life.
Think you're too careful of a driver to ever have an accident? What if someone else causes you bodily injury or damages your property? Your Alberta insurance policy, when you carry at least the minimum required limits of liability, includes Accident Benefits. You are protected as a driver, occupant of a vehicle, or as a pedestrian under this coverage. This is a no-fault coverage and is available to you a lot sooner, through your own insurance company, than waiting for a court award (assuming you will be able to successfully sue the responsible party).
Driving without insurance to save money is like buying lottery tickets for your retirement fund. It may seem like a good idea when you thought of it, but in reality, it's actually pretty darn dumb.