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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?
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.
What else can I help you with?
What should I do with the leftover money from my home insurance claim?
Consider saving the leftover money from your home insurance claim for future emergencies or home repairs. Alternatively, you could invest it in a savings account or use it to upgrade or improve your home.
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.
Can I borrow money from my health savings account?
No, you cannot borrow money from your health savings account.
Money you deposit into savings account could be insured by the federal deposit insurance corporation up to what amount?
$250.00
Money you deposit into a savings account could be insured by federal deposit insurance corporation up to what amount?
$250.00
Can you use HSA money to pay for insurance premiums?
No, you generally cannot use Health Savings Account (HSA) money to pay for insurance premiums. HSAs are meant for qualified medical expenses, not for insurance premiums.
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.
Money you deposit into a savings account could be insured by the federal deposit insurance corporation up to what amount?
$250.00
Is it possible to transfer money from a normal savings account to an NRO account?
Yes, it is possible to transfer money from a normal savings account to an NRO account.
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
