Don't Let the Car Insurance Payment Break the Bank

ByValik Rudd

Everybody has those times in life when it hits you hard, and money is short. In these painful times the first thing that goes is the non-essential things in life. Unfortunately, a car insurance payment can often make it into that category, which sometimes can make things even worse.

While it is mandatory to have car insurance in the United States, many will let it lapse and hope for the best; even though the fine for not carrying it can be much higher than the insurance payment would have been. Neither is a good solution, so they choose the lesser evil and get rid of the insurance payment. Many do not know that there is a remedy for this situation.

Benefits of Liability Car Insurance

Most states only require that you carry liability car insurance. This type of insurance protects anyone outside your car that may suffer damages or injuries in case of an accident where it is your fault. Liability car insurance is much cheaper to carry than the full coverage type, and will be an affordable solution for those times when cash is low.

With liability insurance, you must remember that only the other driver is protected, your car and hospital bills will not be covered. You will be responsible for fixing your own car your self. This is why it is probably a good idea to be extra careful driving around.

The Difference

If you wanted to know the difference between a full coverage and a liability-only insurance rate, you will notice that there is a significant difference. You would save quiet a bit with liability-only.

According to the studies done, an average full-coverage car insurance cost in the United States is about $1400 per year. An average liability-only policy costs about $500 per year. That is a savings of almost a thousand dollars.

Broken into 6 month policy, you would only have to pay about $250 every 6 months; this is a lot easier than shelling out $700 at once every 6 months. At that rate, you just about have to break the payments up even more into monthly payments. Doing this overall, makes your premium even higher because of fees they add for that financing service.

Remember, these figures are for illustrative purposes only and are not necessarily accurate. Make sure to check with your insurance agency for specifics, other tips and ways you can save more money on your car insurance.

Valik Rudd writes insurance related articles for his website, as well as other publications on the Internet. This article gave you an interesting angle on liability car insurance that will open your eyes to something you may have never thought about. Read Valik's other insurance related articles on his website at http://CheapInsuranceList.com

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Insurance: Car-Auto
Valik Rudd

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MLA Style Citation:
Rudd, Valik".".24 Feb. 2012EzineArticles.com.2 Mar. 2012 .APA Style Citation:
Rudd, V. (2012, February 24). . Retrieved March 2, 2012, from http://ezinearticles.com/?Dont-­Let-­the-­Car-­Insurance-­Payment-­Break-­the-­Bank&id=6903218Chicago Style Citation:
Rudd, Valik "." EzineArticles.com. http://ezinearticles.com/?Dont-­Let-­the-­Car-­Insurance-­Payment-­Break-­the-­Bank&id=6903218EzineArticles.com© 2012 EzineArticles.com
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