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Save Money On Auto Insurance By Purchasing Liability Coverage Only

Save Money On Auto Insurance By Purchasing Liability Coverage Only

Paying less for your auto insurance coverage is something every driver strives for. One easy way to pay less each month is to purchase liability insurance only. Collision and comprehensive insurance can raise your rates while providing little value. When is dropping your collision and comprehensive insurance coverage a good idea?

There Is No Need To Protect An Old Car

Most car repairs are expensive. Even a minor repair can set you back a few hundred dollars. Therefore, it isn’t worth having collision insurance for a car that is only worth $1,000. A driver can save himself $5 or more a month just by dropping collision. Dropping your comprehensive insurance can save you another few dollars a month off your premium.

Less Coverage Means Less Chance Of A Claim

Insurance companies will price your policy partially based on your level of risk. Your policy may be priced higher if you pose the risk of filing a claim. Not having the ability to file a claim for most damages reduces your risk. Avoiding the need to file a claim can even cause your insurance company to give you a discount on your next policy. You win twice in this scenario.

Liability Insurance Focuses More On Your Driving Record

Insurance companies may be more willing to overlook factors that don’t impact your ability to drive. For example, you credit score may mean less if you only carry liability insurance. Honest drivers are not going to risk an accident just to file a frivolous claim on their policy. Some of the less reputable insurance providers may be looking only at selling a policy as opposed to actually providing insurance. They may be looking to take your money with no plans to provide you with any service.

Auto insurance is not something you want to pay too much for. Fortunately, there are many things you can do to save money on your policy. Dropping any coverage you don’t need can be the way you accomplish this goal. Purchasing car insurance will almost surely be mandatory for years to come. Spending too much for your policy is not.

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