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Graduation is a time of endings and beginnings, a fresh start for teens and young adults to shape their futures. Along with graduation, however, comes the responsibility and confusion that go hand in hand with stepping out into adulthood. One of the most important responsibilities facing any new high school or college graduate is the purchase, for the very first time, of their own Raleigh auto insurance policy.

Until this point, you've probably been covered under your parent's car insurance policy. It makes sense-their good driving record can help keep your premiums down, and that way you never have to wonder from month to month whether you paid your bill. Parents are just naturally responsible about things like that.

Well-not really. See, once upon a time your parents were new graduates just like you, looking forward to leaving their mark on the world, overwhelmed with the sheer number of opportunities waiting for them and not concerned in the least for those first few months what they were going to do about their car insurance. They were either nudged out of the nest by their own parents' not-so-subtle reminders that they needed to get out and buy their own policy or were given a healthy taste of exactly why car insurance is one of the most important bills you'll ever pay.

Do the math. As a new college graduate in today's economy you can expect to make between $25,000 to $40,000 per year. That number drops exponentially for high school graduates who choose not to continue their education. Now add in the cost of student loans, which on average total $20,000 or more, and you're looking at a tight financial situation for a couple of years. Can you afford to pay $20,000-$30,000 upfront for the damages suffered by you, your passengers, your car, the other driver, their car and any personal property involved after an accident?

Unless you have a great aunt who's going to hook you up after graduation, the answer is probably no. Accidents are expensive. The average cost of a new car is $20,000, and emergency room bills usually start at $1,000 (just to say hello) and crawl up from there. The last thing you want during this already uncertain time in your life is to have to pay for:

1) Damages to your vehicle.
2) Damages to the other driver's vehicle
3) Your medical bills
4) Their medical bills
5) The cost of the guardrail you ran into
6) Any other costs, including lawsuits, that happen to come up along the way

while you're still trying to figure out how to pay your rent!

Car insurance also protects you against other uninsured drivers who haven't figured out by now that it's just not worth it to drive without insurance, and it can help pick up some of the slack after an accident if you haven't yet managed to obtain your own health insurance. Again, trips to the ER are notoriously expensive. Many car insurance providers give you the option to tack medical coverage for yourself (exclusively for injuries suffered in an accident) onto your policy to protect yourself.

Don't let your fear of annual premiums and yet another bill you have to pay every month stop you from making sure your car is properly protected after your graduation. The benefits far outweigh the risks when you consider the fatal blow an accident can be on your bank account.

For more information about auto insurance, give ACF Insurance a call at 919-878-7786.

(Source:http://www.content4reprint.com/finance/insurance/why-buying-your-own-car-insurance-policy-might-be-the-most-important-thing-you-do-after-graduation.htm)

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