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If you have money in a savings account just for car emergencies do you still have to pay for car insurance or can you use your money as insurance?
Wiki User
∙ 8y ago
Let's assume that your state of residency does not require you to have insurance (although most of them do). You have an accident,the car(s) are seriously damaged. People are injured and it turns out to be your fault. Do you have thousands of dollars in the account? More likely hundreds of thousands? If not you have a BIG problem. Not to mention that if you do not own the car "free and clear" you have to carry full coverage anyway.
Wiki User
∙ 8y ago
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Money placed in an insured bank account so that it will be available for future emergencies is referred to as .?
Savings
How are money market savings accounts different from regular savings accounts?
A money market savings account is a special kind of savings account. Money market account holders receive more money on their return. Money markets are secure.
Why open an savings account?
A savings account is a good place to keep money safe for future needs.
Money you deposit into a savings account could be insured by federal deposit insurance corporation up to what amount?
$250.00
Money you deposit into savings account could be insured by the federal deposit insurance corporation up to what amount?
$250.00
How can a savings account help in money saving?
A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.
How do you set up a business savings account so that your employees can have access to money in emergencies?
There are several options available for business saving account. After the account is set up at a financial institution the information is usually provided to qualified employees.
Money you deposit into a savings account could be insured by the federal deposit insurance corporation up to what amount?
$250.00
Can I use my health savings account to pay for long term care insurance premiums?
Health savings account are tax free, and the money that was supposed to pay the taxes can be used for long term care expenses
What is a type of savings account?
money market account
What is the purpose of a savings?
A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.
Is your money safe in an online savings account?
The Federal Deposit Insurance Corporation (FDIC) protects the money in the bank accounts of U.S. consumers. Before opening an online savings account, contact the FDIC to see if your bank is covered by this insurance. The FDIC website has a tool that can help you with this process. Visit http://www2.fdic.gov/idasp/main_bankfind.asp. As long as the online savings account is FDIC insured, your money should be safe. You can visit the FDIC website (www.fdic.gov) to check and make sure that the institution in which you plan to open an account is covered.
