Benifits of insurance

Most of us think of insurance as a necessary evil at best. We rarely, if ever, see the benefits of purchasing insurance.
We need only to look at some of the basics of how insurance adds to our society to understand its value.
First, insurance reduces the money we all have to pay for uncompensated victims of accidents. Without insurance, many who were injured in an accident would become a drain on state and federal government agencies.
In short, your taxes would increase in order to pay for rehabilitation or care of the sick and injured.
You need an insurance policy to purchase a new car or a home. Without insurance to cover a bank’s financial interest as a lien holder in your loan, how would you convince the bank to lend you money in the first place?

Another benefit to us as individuals is mandatory liability auto insurance. If someone ran into your car and caused you bodily injury, how would you pay for the medical bills without insurance?

Or if someone got injured on your property, how would you pay for the damages?
Again, this saves us all from paying huge tax bills. If insurers didn’t buy these bonds, we would have to settle for poor roads and bridges, or foot the bill ourselves via higher taxes.