Compulsory Insurance
Categories: Insurance, Regulations
It wasn’t fun being a kid sometimes, because your parents will make you do things you might not want to do. But you had to do them, because they are necessary.
Well, adulthood doesn’t get any better, because there are other things that you need to do, and the government (instead of your parents) will make you do them.
One of those things is to obtain car insurance if you own or lease a car. The compulsatory nature of this insurance means that you must buy to legally operate a motor vehicle.
The reason you must own it is due to the liability associated with getting into an accident. If you get into a wreck, and the other person doesn’t have insurance, who will pay for your damage? That person might be completely broke and not have the money to get your car fixed, which would create an incredible financial mess for you. So...you have to get it.