During an economic downturn like we are currently experiencing it is critical to reduce all your fixed expenses. Re-evaluating auto insurance costs should be one of your first priorities. You can easily save around $400 a year on individual coverage and maybe as much as $1,000 a year on multi-car coverages.
Consider lowering limit coverages on your liability and comprehensive portions of your policy. You can also increase your deductible to help save a few hundred dollars a year. If you haven't compared rates in awhile you can also go to sites like Compare Auto Quotes and enter your zip code. You will then be shown a list of discount providers offering price comparisons within your area. By using these services you can typically save about 20% on your current insurance cost without having to change your current coverage limits.
You can also save money on your insurance by carrying only the minimum liability insurance required by the state. This is risky because it leaves you unprotected for damage caused to your vehicle and personal injury to yourself or your passengers.
I would recommend comparing rates from several national providers like Geico or AIG and consider a higher deductible. This could save you a significant amount of money.
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