What is the purpose of having insurance for your vehicle?

Having insurance for your vehicle primarily serves the critical role of providing financial protection against accidents and damages. This means that in the event of a collision, theft, or other incidents that lead to financial loss, your insurance can help cover the costs of repairs, medical bills, and liabilities associated with the accident. This financial safeguard not only protects you as a driver but also provides peace of mind knowing that you have the support needed to address unforeseen circumstances related to your vehicle.

Understanding the nuances of vehicle insurance is important. The other options presented do not accurately encompass the core purpose of vehicle insurance. Traffic tickets, taxes on vehicles, and routine maintenance costs like oil changes are typically outside the coverage realm of auto insurance. Instead, insurance is designed specifically to mitigate financial risks that come with driving and vehicle ownership.