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Driving without car insurance is not an option. After all, some level of auto insurance is required in most states. The downturn in the economy, however, has made it difficult for many people to afford proper coverage.

Three situations:

  • They go uninsured and risk the legal and financial repercussion of getting in accident.
  • They are underinsured, with insufficient coverage to meet the probable expenses of an accident.  
  • They can save money on car insurance and have the legal and essential amount of coverage they need in the event of an accident.

First two situations are risky and unacceptable. But there is a third situation: If you want to be in the third situation, here are some ways to save money on car insurance that may help you do that.

How to Save Money on Car Insurance

Raise your Deductible. A deductible is the amount of money you, yourself, must pay in the event of an accident. The higher your deductible, the less your payment will be. Although this is a great way to lower your payment, make sure the deductible is not so high that you won’t be able to pay it. You may want to always keep the deductible in a savings account to be sure you’ll have it if the need arises.

Combine your Car and Homeowners Insurance. If you have homeowners insurance, check to see if they also offer automobile insurance. If they do, purchase your car insurance from them. You will likely get a discount for buying both types of insurance from the same company. You may also combine your car and renter’s insurance for a discount.

Drop Coverage you Don’t Need. If you go through your policy, you may find several types of coverage you don’t need. For instance, if you have towing service through your membership with AAA, you don’t need to pay for towing coverage. If you have an extra car at home, you don’t need car rental insurance. So go through your policy, and decide what you don’t need. Every little bit of coverage taken off your policy adds money in your pocket!

Ask About Discounts. Your insurance agent should tell you about discounts for which you qualify. But if he or she doesn’t volunteer this information, ask! Some typical discounts include living in the country (less city traffic = less chance of an accident), low mileage, and living near your workplace. These discounts can add up to big savings on your payment.

Compare Prices. Being with the same insurance agent for years doesn’t guarantee you low rates. Before you purchase auto coverage, therefore, check the rates of different companies. You can either call on the phone or do some internet research. You may be surprised at the difference in rates between companies.  

With a little time, research, and effort, you should be able to make car insurance more affordable for your family. No one should go without coverage because it’s too expensive!