Vehicle vs Home Insurance?

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Vehicle vs Home Insurance?
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Vehicle vs Home Insurance?

Why is Vevicle insurance mandatory while home insurance is not?

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David W

Because you don't run into other houses or people with your house. If you have a mortgage, though, it is generally required.

Scott H

The reason automobile insurance is mandatory is because a car is mobile. You can damage someone else's property or injure others with it. It is the liability insurance that is required by law, to cover the damage you may cause to others. Your house doesn't move and isn't likely to collide with another house.

However, if you have a mortgage on a house, the mortgage company will require an appropriate amount of insurance coverage. Likewise, if your car is financed, the lender will require certain levels of coverage on it.

calipink22

Because the chances of you hitting a pedestrian or another vehicle with your car is a lot higher than your house burning down. With car insurance you're not required to protect your investment but you are required to be financially responsible in case you cause bodily injury or property damage to another party. Auto insurance is required by law in most states.

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