In Texas, as many as one in four drivers are uninsured or underinsured. While it may be tempting to cut corners on coverage, the risks can be costly. While auto insurance might feel like another expense, it\u2019s one of the smartest protections you can have on the road. <\/p>\n\n\n\n
Whether you’re protecting yourself, your vehicle, or your financial future, the ACC Student Money Management Office and University Federal Credit Union (UFCU) offer four key reasons why coverage is a must every time you get behind the wheel.<\/p>\n\n\n\n
A Message from University Federal Credit Union<\/em><\/p>\n\n\n\n The next time you are sitting at a traffic light, take a look around you. It is likely that at least one of the drivers in traffic with you is driving without car insurance. The Insurance Research Council says about one in seven drivers<\/a> is uninsured and the numbers are on the rise. And in Texas, the numbers are even higher<\/a>; as much as 25 percent of drivers are uninsured or under-insured.<\/p>\n\n\n\n So why should you be covered when you get behind the wheel? Here are four reasons that automobile insurance is a must-have.<\/p>\n\n\n\n It\u2019s the law.<\/strong> Every state but New Hampshire and Virginia requires drivers<\/a> to have auto liability insurance to legally drive. Get caught driving without insurance in Texas, and you can get ready to pull your checkbook out. Fines<\/a> can range from $350 to $1,000 in Texas, but that\u2019s just the beginning. You also will pay an extra $250 per year in driver\u2019s license surcharges for three years to renew your driver\u2019s license. On top of that, repeat offenders can face vehicle impoundment and those associated fees, license suspension, and even up to six months in jail. You\u2019ll also run the risk of being categorized as a high-risk driver, meaning you\u2019ll pay higher insurance rates.<\/p>\n\n\n\n Accidents are costly.<\/strong> If you are at fault for a traffic accident, an auto insurance policy is there to protect you. Even a minor fender bender can cost upwards of $1,200 to repair<\/a>. And even more concerning are the costs of potential liability, should another driver be injured. In 2023, more than 250,000 people were injured<\/a> in motor vehicle crashes.<\/p>\n\n\n\n If you carry automobile insurance, your first step when an accident occurs should be to call your insurance agent, who handles payments for medical expenses, repairs and other claims. No insurance? You could face significant costs and potentially be sued for an injured party\u2019s medical care, pain and suffering, lost wages, and vehicle repairs.<\/p>\n\n\n\n It\u2019s a way to protect your investment. <\/strong>You hit a deer while driving home after sunset. A tiny speck from a rock gradually becomes an obtrusive crack in your windshield. You leave the shopping mall only to discover your car has been stolen. A fender bender, a crack in your windshield, even a stolen car could be reduced to an inconvenience if you have insurance. Without auto insurance, these would be not only bad days, but also expensive ones. However, comprehensive and collision coverage take life\u2019s unpleasant surprises off of your shoulders. Comprehensive coverage is not mandatory, but is valuable protection against damages that are not caused by a collision. Collision insurance covers damage to your vehicle \u2013 whether the collision is with a deer, or another vehicle.<\/p>\n\n\n\n It\u2019s a safeguard against the uninsured.<\/strong> When an uninsured driver causes an accident, insured drivers and their insurance companies often end up bearing the cost. Auto policies typically include uninsured\/underinsured motorist coverage to pay for damages and injuries to you and your vehicle if you are in an accident with an uninsured driver. Policies pay for medical costs, lost wages and even pain and suffering in some cases.<\/p>\n\n\n\n Want to learn more?<\/strong><\/p>\n\n\n\n Connect with ACC\u2019s Student Money Management team<\/a> to access tools designed to support you or to find a schedule of events and workshops that can help you with your personal finance questions.<\/p>\n\n\n\n Check out www.ufcu.org\/ACC<\/a> or visit your local branch<\/a> anytime to chat with a Personal Financial Representative. UFCU Highland Branch<\/a> is now open.<\/p>\n","protected":false},"excerpt":{"rendered":" In Texas, as many as one in four drivers are uninsured or underinsured. While it may be tempting to cut corners on coverage, the risks can be costly. While auto insurance might feel like another expense, it\u2019s one of the smartest protections you can have on the road. 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