It’s a common question these days- with people having more expenses than their incomes can satisfy. A good place to look when you are looking to save money is at your auto insurance. Before thinking about slashing your coverage to pieces, there are other ways you can cut back. Although you don't want to eliminate the protection you have with uninsured/underinsured motorist and comprehensive or collision coverage unless there's no choice, you still have options.
A few simple tips on how to remain protected but save:
- Make sure you're getting all of the discounts you're eligible for- but don’t slash your policy limits. It is too risky to completely cut your auto policy down to the bare minimum.
- Compare auto insurance rates from other companies to see if you're paying more than you have to for the same coverage. Rates can vary considerably from one company to the next, so investing a little time in comparing quotes might pay big dividends in savings.
- Insure your car against damage, even if you have to increase the deductibles. Unless you can afford to pay cash to replace your car, try to keep it insured for comprehensive and collision. Comprehensive in particular is relatively inexpensive, especially if you have an older car model.
- Always buy Uninsured/Underinsured Motorists coverage. With more uninsured drivers on the road, this type of coverage gives you low-cost protection from unnecessary risk.
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