Why do I need to have auto insurance for a car that's only worth $1,000?

I'd pay more than my old, cheap car is worth for insurance over the course of a year. It doesn't make any financial sense. So why am I legally required to have insurance in Missouri?

Car insurance isn’t just designed to protect your old vehicle; it’s also intended to protected you financially and legally if you’re found to be at fault for an accident.
The type of car insurance required by Missouri is liability insurance, which covers other people’s medical costs and property damage in an accident that you cause.
If you don’t have coverage, you’ll have to pay for these expenses out-of-pocket, and even a relatively minor accident can result in a bill worth thousands of dollars. If you don’t have a significant amount of money saved up, an accident can ruin you financially. Car insurance protects your wallet and gives you peace of mind.
Carol Chung
Answered on Apr 12, 2021

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