Technically speaking you don’t really own anything when you purchase car insurance. You are paying money in order to be protected against loss. Depending on your coverage, that protection may apply to you or to others. This is often why people say insurance is a “racket.” You pay out money in order to get nothing in return. However, car insurance is important to have in case you get into an accident. The amount of money you are paying out for insurance is certainly going to be less than repairs to another person’s car or their medical bills.

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