Considerations When Opting for Cheap Car Insurance

cheap auto insurance quotes

It’s too easy to opt for cheap insurance, whether it’s life, health or renters insurance. You may think you’ll never use it anyway. However, if you get the bare minimum of coverage, you may just be putting yourself at risk. This includes auto insurance.

Before skimping out on car insurance, ask yourself if you can afford to pay for damage or a complete replacement of your car. Can you afford to cover the expenses of a liability claim against you if you’re the cause of an accident that injures another person? If you can’t, then buying cheap car insurance is just as useless as not buying any at all.

The overall expenses of owning a car can get hefty and that may tempt you to drop certain parts of your car insurance, however, experts agree that your first step to consider ways to lower the costs of your car insurance and shop around. Keep in mind, that if you try to cut back on your coverage, you are taking on more risk. For instance, if a tree falls on your car, damages it, and you don’t have comprehensive coverage, you’ll be responsible for the costs of the repairs.

Getting the Minimum Coverage

There’s a minimum limit of auto insurance coverage that states mandate. Although it’s acceptable to get the minimum limit your state imposes, it’s more reasonable to ensure your finances won’t suffer due to a crash by getting higher coverage options.

Liability

For example, liability coverage will protect you from having to shell out your own money out-of-pocket to pay for someone else’s injuries by an accident you caused.

You should also consider property damage that protects you from larger accidents that cause damage to another’s car when you’re at fault.

Medical Coverage

Having medical coverage can help minimize the shock a car crash can cause to your finances. When you have medical coverage, it can help you save from the costs of your recuperation and that of the other people involved.

Basically, buying the cheapest amount of car insurance is not a wise idea and won’t offer you much help. You’re better off safeguarding your assets and finances by not skimping out on needed coverage.

When it Makes Sense to go Bare Minimum

Now, there are a few exceptions where it might make sense to get the bare minimum of car insurance.

For instance, if you have an older car that’s not worth a whole lot anymore, it may make sense to skip the comprehensive and collision coverage. The comprehensive pays to replace your stolen car or for repairs, your car suffers from damage that occurs outside an accident with another vehicle like a fallen tree or vandalism. Collision pays for repairs after an accident. You may not need this if your car is not worth what that coverage would pay for.

Another reason why you may want to go bare minimum on car insurance is if you don’t drive very often since less time on the road equals less risk of having an accident.

One more reason would be if you don’t have any assets that may be at risk if you’re the fault of an accident and sued for the damages, like a home, for instance.

Accidents can and do happen and you will want to make sure you are fully protected with the right coverage for your situation. BOLT Insurance can help you get cheap auto insurance quotes that has all of the coverage you are looking for.

Although you can’t possibly know every scenario that will occur where you need a certain type of coverage to help you come up with a perfect coverage policy, you can work with an independent insurance agent, like us here at BOLT Insurance Agency, to help you tailor a policy that’s based off your particular driving lifestyle. Contact us today to get cheap car insurance quotes online.