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Why do I need to have auto insurance for a car that's only worth $1,000?
I'd pay more than my old, cheap car is worth for insurance over the course of a year. It doesn't make any financial sense. So why am I legally required to have insurance in Missouri?
Carol Chung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car insurance isn’t just designed to protect your old vehicle; it’s also intended to protected you financially and legally if you’re found to be at fault for an accident.
The type of car insurance required by Missouri is
liability insurance
, which covers other people’s medical costs and property damage in an accident that you cause. If you don’t have coverage, you’ll have to pay for these expenses out-of-pocket, and even a relatively minor accident can result in a bill worth thousands of dollars. If you don’t have a significant amount of money saved up, an accident can ruin you financially. Car insurance protects your wallet and gives you peace of mind.
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- Gregory R.
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