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May 10th, 2017

Will a Cheap Auto Insurance Policy Really Protect You?

Everyone wants to save money. We get that. But there are certain things you don’t want to skimp on.

Like organic food.

And vehicle maintenance.

Or skincare products.

Quality just counts when it comes to certain factors.

Car insurance is another area in which you shouldn’t try to squeeze out savings at the sacrifice of quality.

The risks

Before you sign on the dotted line and gloat to your family and friends about your super-cheap auto insurance policy, consider the risks of driving with less protection than you need.

These 5 Insurance Tips for Arizona residents will help you on your way to finding the best protection for you and your family.

It provides minimal protection

Minimal protection: That’s what you get with minimal coverage that costs less. Sure, you only need to buy a policy that meets Arizona’s minimum liability coverage.

But if you’re in an accident and the damage exceeds the minimum, you’ll be up a creek without an insurance paddle  –  kicking yourself for investing in a cheap policy.

It has higher out-of-pocket expenses

To get cheap coverage, you may have to choose a policy that has a high deductible, which means you could bleed through the nose paying out-of-pocket costs when you file a claim.

Consider the effects on your bank account if you have to pay a $1,000 deductible when you file an accident claim. That small monthly savings you got from purchasing a cheap car insurance policy will pale in comparison.

It increases your liabilities

The lower limits on cheap policies may seem like a lot upon first glance, but consider how much it will cost to repair a one-of-a-kind Maserati. Low-limit policies can’t cover these expenses. You’ll be liable for the excess expenses once these lower limits are reached.

Heed the warnings

eBay, Amazon and Craig’s List are good venues for getting deals on some purchases, but for car insurance, you don’t want to skimp. Avoid putting you and your family at risk and invest in a car insurance that includes everything you need but won’t cost you an arm and a leg.

How to purchase

So what’s the best kind of policy to purchase? And what’s the best way to buy it?

Work with an experienced, knowledgeable auto insurance expert to investigate lots of policies. The professional will help you find the coverage that meets your needs and suits your budget, too.

You can also talk to the agent about better ways to save on car insurance, like getting a discount for insuring multiple cars, combining your homeowners insurance, vehicle safety, good driver, and more.

Protecting your future

It’s easy to fall into the trap of thinking you can get away with minimal coverage for your auto insurance. But insurance doesn’t fall into the same category as other types of purchases.

So go for it when you’re garage sale-ing, consignment shopping or bargain hunting at the flea market.

But don’t skimp on car insurance. It only takes one accident to devastate your finances. Avoid the risk. After all, it doesn’t cost that much more to invest in auto insurance that protects you.

Have you invested in a really cheap car insurance policy and been disappointed with the coverage?