Yes, it is completely true that if a driver wishes financial protection for themselves, they can carry higher amounts of insurance than the minimum required limit.
Insurance is a legal contract entered into by two parties: the insurance firm (insurer) and the entity (insured). The insurance firm promises to make good the insured's losses if the insured contingency occurs. The contingency is the event that results in a loss. It could be the policyholder's death or property damage/destruction. Because the event's occurrence is uncertain, it is referred to as a contingency. The insured pays a premium in exchange for the insurer's promise.
Minimum required limit is that minimum amount of insurance that an individual must hold in order to drive their vehicle on the roads. This minimum required limit could be any number as may be preferred by the state in the insurance law.
Nobody knows what their future contains; all we can do is make preparations to assist us get the most out of our lives. However, no matter how well-laid our plans are, life has a way of getting in the way. When things don't go as planned, it's critical to have the proper financial protection measures in place. Although no one wants to think about getting sick or dying, it is inevitable, and it is preferable to be financially prepared. It's critical to know how you or your dependents would pay any necessary expenses, manage debt, or deal financially if something happened to you. This is when financial security comes into play.
Hence, one must ensure to be insurance covered before hitting road to guarantee financial protection.
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