Insurance is crucial. Everyone needs it. There are plenty of excellent home and auto insurance plans out there. In this video, you will learn what happens if you don’t have auto insurance.
In this episode of The Dave Ramsey Show, a caller says that she had her car stolen recently. It was only a $6,000 2007 Toyota Camry. However, this poor lady did not have any theft insurance on her car. She had tried talking with her insurance company, however they said that she doesn’t get a penny for the missing car. This is why auto insurance is so important. It is also important that this insurance covers theft. Anything inside the car will be covered by homeowners or renters policies. All she can do now is save up for a new car. She may have to borrow her mom’s car in the meantime. Lastly, Dave makes one final suggestion. He says that when she does buy a new car, she should pay in cash. This is because taking out a loan or paying with credit will result in interest. A $3,000 car today may cost $5,000 in a few weeks if paid using credit.