Deciphering Automobile Insurance Simply put, if you own or lease a vehicle, you need auto insurance. Required by law in most states, it is a monthly expense that you may not ever need, but if you do, you will be very glad that you have it. Depending on your policy, your vehicle may be covered in the event of a collision, theft, or other damaging event. If you or someone else is injured as a result of a vehicular accident, a good insurance policy will pay a predetermined amount to help cover medical bills and lost wages. So, now you know why you need auto insurance, but do you know what…