Should I lower my car insurance coverage on my financed Scion if I only drive about 50 miles a week?
Right now, I drive about 50 miles a week, including work, errands, and social events. I still owe a few thousand on my Scion, so I need full coverage. However, I was thinking of lowering my limits to cut my $200-a-month insurance bill down.
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Answered on Apr 28, 2021
“One surefire way to cut your car insurance bill is to raise your deductible on your full coverage. If you currently have a $250 or $500 deductible, raise it to $1,000 or $2,000 (if you can afford to pay this amount out of pocket). You’ll be surprised by how much it lowers your rate.
You can also lower your liability insurance limits. Don’t go as low as the state minimum, but aim for something like a 50/100/50 or 100/300/100 policy.
If you want to save money on car insurance, the Jerry app is a good place to start. A licensed broker, Jerry does all the hard work of finding the cheapest quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even cancel your old policy for you.”
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