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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 .?


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.

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.

Why open an savings account?

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

What is a savings?

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

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 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.

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.

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


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.

Can I use my health savings account to pay for long term care insurance premiums?

Health savings account are tax free, and the money that was supposed to pay the taxes can be used for long term care expenses

What does a CD savings account do for me?

A CD savings account might earn money for you. This type of savings account earns interest for the person who purchases the CD.

How can you get money that was in a savings account with stockport and district trustee savings bank in 1967?

To get money from a savings account from 1967, you will need some information proving that the account is yours. Contact the state unclaimed funds department in the state where the account was held and request your money.

Is a savings account really going to help you save money?

Yes, a savings account will really help you save money if you remain loyal to the fact that it is a savings account. You still have access to your money, but it's up to you to keep it saved.

Can an employee receive money instead of health insurance?

If an employer has the agreement that the employee receives money for a health insurance savings account or some other plan, they can receive money. It is up to the employer whether they want to directly compensate the employee or provide insurance.

What happened when you leave money in a savings account for at least 6 months?

If the savings account gives you interest, your savings will grow a little.

What is best a money market account or savings account?


What is guaranteed cash value life insurance?

Certain insurance policies are designed to be a kind of combination of life insurance and savings account. For every insurance premium you pay, some of the money pays for life insurance and some of it is kept as an investment. The more premiums you pay, the more money will be accumulated. The owner of the policy can obtain this money at any time, just as if it were an actual savings account at a bank. The only advantage of saving your money by means of this kind of insurance policy, as compared to saving your money by putting it in the bank, is that you have to keep paying the insurance premiums if you want to continue to be insured, therefore it becomes a kind of mandatory savings. It is a form of fiscal discipline that you can choose to impose on yourself. Of course, if your fiscal discipline is poor, you can still withdraw the money.

What are the uses of a savings account?

a savings account is were you put money for future use if need be and for safe keeping

How does the risk of a money market mutual fund compare with that of a savings account?

The risk of a money market mutual fund is similar to that of a savings account. Both are low-risk, slow-growth savings vehicles. Money market funds are viewed as a cash equivalent, similar to a savings account.

How does money grow in a savings account?

A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account. Money grows in a savings account because: a. The account holder usually makes small deposits regularly into the account b. The money in the account earns a small interest and hence keeps growing in value

Why Open a Savings Account?

Financial problems are something that almost every person has to deal with at some point in their lives. You may be in a situation like this right now. You may not have money for bills or a major expense might have come up that you do not have the money for. Creating a savings account for yourself and your family is probably one of the most financially-responsible things you can possibly do. There are a few reasons why having a savings account can literally save you at some point in your future. Savings account are designed to help you save up some money. The account can only be withdrawn on a few times a month, which means that you can not really tap into the money in there unless it is an absolute emergency. The savings account will begin to grow over time because of the money you are putting into it and because of the accumulated interest. Most free savings accounts have a very low interest that is put into the account each month, but others can make large deposits for you. The type of interest you will receive from your savings account depends on the bank that you have the account with. Savings accounts are easy to keep because you simply put into them and take out for emergencies. For example, the savings account can be used to buy new furniture for your home or get repair work done on your car if it breaks down on the road. The idea of this type of account is that you put money into it regularly. The amount you put into the account is completely up to you. You can put a few dollars in with each paycheck you receive or you may want to budget in that you will put in a couple hundred each month. The choice is up to you, but the idea is to slowly grow the savings account to sustain you in the future for emergencies. You will find that having this type of account helps when you need a little extra money for an expense or just to pay a bill that was more expensive than you were expecting.

How do I find the best savings account if I don't have much money?

You can find the best savings account if you don't have much money at Another good site is

How does a money market account work?

A money market account works by having money invested like a savings account but getting the interest rates that are in the current money market. It usually requires a higher investment than a regular savings account.

Is your money safe in an online savings account?

The Federal Deposit Insurance Corporation (FDIC) protects the money in the bank accounts of U.S. consumers. Before opening an online savings account, contact the FDIC to see if your bank is covered by this insurance. The FDIC website has a tool that can help you with this process. Visit As long as the online savings account is FDIC insured, your money should be safe. You can visit the FDIC website ( to check and make sure that the institution in which you plan to open an account is covered.