HomeIf 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?
Wiki User
2015-07-15 19:30:55
2015-07-15 19:30:55
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.
Related Questions
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.
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.
For you can put money in it. Like it is an savings account.
your money that you have in a bank account your money that you have in a bank account
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.
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