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5 Ways to Save Money on Car Insurance

Money Girl has 5 savvy tips to pay less for car insurance without sacrificing your safety.

By
Laura Adams, MBA,
Episode #308

5 Ways to Save Money on Car InsuranceMost states require drivers to have some amount of auto insurance. But what if you’re trying to cut your expenses? You’ll be glad to know that it’s easy to reduce the cost of car insurance and still comply with the law.

In this episode you’ll learn 5 of the best ways to save money on auto insurance while keeping the coverage you need to stay safe and protect your finances..

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Before we get into savings tips, it’s important to understand what’s covered by a basic auto insurance policy. Car insurance is actually a package of 6 different types of coverage that are each priced separately:

  • Collision coverage pays to repair your vehicle when you have an accident with another car—even if the crash is your fault.
  • Comprehensive coverage pays to repair your vehicle or reimburse loss that occurs due to something other than a collision, like fire, hail, flood, vandalism, or hitting an animal.
  • Property damage coverage pays for damage you cause to someone else’s car or property, such as a mailbox, fence, or building.
  • Bodily injury liability coverage pays for injuries that you cause to someone else.
  • Medical payments or personal injury protection (PIP) coverage pays for any injuries that you or the passengers of your vehicle have due to an accident. It can cover a variety of expenses, like medical treatment, lost wages, and funeral expenses.
  • Uninsured and underinsured motorist coverage pays when you’re in an accident with a driver who doesn’t have auto insurance. It also covers you in a hit-and-run situation or when an at-fault driver has insurance, but not enough to cover your loss.

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