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Do You Need Car Insurance? A Comprehensive Guide

At O1ne Mortgage, we understand that navigating the world of car insurance can be confusing. Whether you’re buying, renting, or storing a car, it’s essential to know your insurance requirements. For any mortgage service needs, call us at 213-732-3074.

Do You Need Car Insurance to Buy a Car?

While you might not need car insurance to purchase a vehicle, you must meet your state’s minimum coverage requirements before driving it. These requirements often include:

• Liability Insurance: Covers damages and injuries you cause in an accident.
• Uninsured and Underinsured Motorist Insurance: Protects you if the other driver lacks sufficient coverage.
• Medical Payments or Personal Injury Protection (PIP): Covers medical expenses for you and your passengers.

If you’re financing or leasing a car, additional coverage like collision and comprehensive insurance may be required.

Do You Need Car Insurance to Rent a Car?

Yes, you need insurance to drive a rental car. Your existing auto policy might cover rentals, but you can also purchase insurance from the rental agency. Compare options to avoid unnecessary costs.

Do You Need Car Insurance for a Car in Storage?

Legally, you don’t need insurance for a stored vehicle. However, maintaining comprehensive coverage can protect against theft or damage. If you have a loan or lease, you may need to keep full coverage.

How to Buy Car Insurance

Buying car insurance is straightforward if you follow these steps:

1. Review Coverage Types: Understand what each type of coverage includes.
2. Gather Information: Have your driver’s license and vehicle details ready.
3. Compare Quotes: Use online tools to get multiple quotes.
4. Review Companies: Check reviews to ensure reliability.
5. Purchase Your Policy: Choose a start date and consider paying upfront for discounts.

How Much Does Car Insurance Cost?

The average annual cost of car insurance in 2023 was $1,765. Your rate can vary based on factors like coverage types, age, driving experience, and location. Regularly comparing quotes can help you find the best deal.

For more personalized advice and to explore mortgage options, contact O1ne Mortgage at 213-732-3074. We’re here to help you with all your mortgage service needs.

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