“Cheap" Insurance Won’t Always Save You Money

Written by on 12/4/2015 8:29 AM . It has 2 Comments.

drivers with cheap auto insurance

Ever heard the expression, “You get what you pay for?” No one wants to pay more than they have to for anything, including auto insurance, but cheap insurance can cost you in the long run. Saving money on your monthly premiums by being underinsured won’t help you if you’re involved in an accident. The money you saved will be gone in a flash while you’re forced to pay out-of-pocket for big expenses.

Getting the cheapest Charlotte auto insurance policy possible may save you money on your monthly premiums, but you may also be putting yourself at risk.

The Risks of Cheap Auto Insurance

Long-term, your cheap auto insurance is only going to cost you money.

  • Purchasing less than the minimum level of insurance required by law could result in legal penalties - as well as the major expense of an accident. Even the legal minimum levels aren’t enough to cover you in most accidents. Choosing a lower level just makes the problem worse when you get into a fender bender.
  • Consider the cost of an accident or damage to your vehicle. Maybe you saved $40 a month by removing comprehensive or collision from your auto policy after you paid off your car loan. Now your vehicle is damaged and the bill is a few thousand dollars - or worse, your car is totaled and you have to buy a new one.
  • One in seven drivers are uninsured. Removing the uninsured motorist clause from your policy means you’re losing out on added protection when you have a run-in with someone who doesn’t have any insurance at all.

Better Ways to Save On Auto Insurance

When you purchase auto insurance, consider the value you’re getting:

  • Peace of mind that you’ll be covered in any accident.
  • Knowing your vehicle will be repaired or replaced with only a small cost to you.
  • Fewer hassles when an uninsured driver causes an accident.

You don’t need to overpay for great protection, though. There are some things you can do to save on your auto insurance without losing the coverage you really need.

  • Bundle your policies for discounts.
  • Drive safely - many companies offer good driver discounts.
  • Keep your information updated. When you move or change driving habits, update your policy immediately. Shorter commutes and safer communities add up to savings.
  • Work with your insurance agent to make sure you have the right coverage for your vehicle.

The immediate savings you feel won’t matter if your car is totaled in an accident and you can’t afford to cover the cost of repairs or to buy a new vehicle – never mind the potential medical costs. Purchase the right auto insurance for your situation and avoid the hassles and costs of “cheap insurance.”

When you’re ready to update your auto insurance or if you want to make sure you’ve got the best coverage at the best price, contact us here at Charlotte Insurance. We’ll help you get the coverage you need.


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