kayode10
VIP Contributor
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It's pretty much easier for you to move around the city if you have your car of your home. You don't need to wait for uber if you are going for an important meeting.
Before I could say anything, I would like to tell you my definition of liability. A thing will become liability when it keeps taking money out of your pocket without any replacement.
This got me thinking about auto insurance where you are paying premium either every month or on quarter basis. If you have a good maintenance culture, you can use a car for 5 years.
When this happens, you have to keep paying premium depending on your plan. You might not get anything in return from the insurance company if nothing happens to the car.
Can we say that auto insurance is a liability in this way?
Before I could say anything, I would like to tell you my definition of liability. A thing will become liability when it keeps taking money out of your pocket without any replacement.
This got me thinking about auto insurance where you are paying premium either every month or on quarter basis. If you have a good maintenance culture, you can use a car for 5 years.
When this happens, you have to keep paying premium depending on your plan. You might not get anything in return from the insurance company if nothing happens to the car.
Can we say that auto insurance is a liability in this way?
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