Auto Insurance is a contract between you and an insurance company. You pay a premium, and in exchange, the insurance company promises to pay for specific car-related financial losses during the term of the policy.

Why Individuals Need Auto Insurance
In some states, to legally drive, individuals must have:

Liability coverage to pay for losses you cause others, or:
No-fault coverage to pay you and your passengers for medical and related expenses caused by injuries from a car accident, regardless of fault, or:
Both coverages

Even in states where coverage isn't required, drivers must, by law, be able to pay for losses they may cause others. Having insurance is the simplest way for most people to comply. Coverage for vehicle damage usually is necessary to finance a car.

Without auto insurance, individuals risk paying for the full cost of:

Any harm caused to others, or:
Repairing or replacing one's own car if it's damaged or stolen

For more information:
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Charles M. Bloom, Registered Principal offers securities and advisory services through Centaurus Financial, Inc. - 214 Calle Palo Colorado, CA, 93105 (mailing address: 3905 State Street Suite 7173, Santa Barbara, CA, 93105) - Member FINRA and SIPC.

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