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Let's assume that your state of residency does not require you to have insurance (although most of them do). You have an accident,the car(s) are seriously damaged. People are injured and it turns out to be your fault. Do you have thousands of dollars in the account? More likely hundreds of thousands? If not you have a BIG problem. Not to mention that if you do not own the car "free and clear" you have to carry full coverage anyway.

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โˆ™ 2015-07-15 19:30:55
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Q: If you have money in a savings account just for car emergencies do you still have to pay for car insurance or can you use your money as insurance?
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Related questions

Money placed in an insured bank account so that it will be available for future emergencies is referred to as .?

Savings


How is a savings account most useful?

A savings account is useful so that you can have money for emergencies or plan for future events (such as travel or retirement). Saving money also helps you live within your means and teaches you the importance of money.


Why open an savings account?

A savings account is a good place to keep money safe for future needs.


How are money market savings accounts different from regular savings accounts?

A money market savings account is a special kind of savings account. Money market account holders receive more money on their return. Money markets are secure.


What is a savings?

your money that you have in a bank account your money that you have in a bank account


Money you deposit into a savings account could be insured by federal deposit insurance corporation up to what amount?

$250.00


Money you deposit into savings account could be insured by the federal deposit insurance corporation up to what amount?

$250.00


How can a savings account help in money saving?

A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.


What is the purpose of a savings account?

A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.


What is the difference between a savings account and a checking account?

The main difference between a savings account and a checking account is that a savings account has an interest rate. A savings account is also mostly used for saving money, although, both accounts allow you to take money from them as you please.


Money you deposit into a savings account could be insured by the federal deposit insurance corporation up to what amount?

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How do you set up a business savings account so that your employees can have access to money in emergencies?

There are several options available for business saving account. After the account is set up at a financial institution the information is usually provided to qualified employees.

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