You can save money if you are only looking for liability-only car insurance. However, you should also be aware that different providers may put a different weight on risk factors when determining your quote. If your older car isn't very valuable, liability insurance alone might not be a good option.
Liability Insurance at Low Cost
WalletHub compared quotes from 17 of the largest auto insurers and found that the cheapest insurance for liability is offered by a few companies. Each company's pricing is based upon a driver's profile including age, location, and gender.
The cheapest liability insurance policies tend to be offered by companies like Geico, Progressive and State Farm. These companies offer low rates, as well discounts like student discounts and multi-car discounts.
It's crucial to compare car insurance providers based on your credit score. You may be able to lower your rates by fixing any blemishes on your record.
Consider whether you will get a ticket, or an accident, in the near term. An accident for which you are responsible will raise your rates. Therefore, it is best to obtain insurance while your driving record remains clean.
It is a good idea to select a policy that has liability limits lower than the minimum required by your state. This will prevent you from paying high premiums in case of an accident. These limits may be written with three numbers. An example is 25/50/25. The maximum amount for bodily damage liability you can afford is 25, and your maximum limit on property damage coverage is 50.
Liability-only auto insurance costs typically half as much as the average national rate. The reason for this is that it's more affordable to purchase liability coverage than to pay for your own expenses such as medical costs and car repairs.
Also, it's cheaper to purchase liability-only coverage for a teen driver than to purchase a comprehensive policy. This is because a teen has a lower risk of getting in an accident than an older driver, so insurers are willing to offer less costly policies for them.
When purchasing liability-only insurance, young drivers will save money if they purchase the policy through their parents or grandparents. It is cheaper to add teenagers to an already existing policy rather than purchase a separate policy.
Lastly, if you live in an area with a high crime rate, you should consider getting a low-cost liability insurance policy to protect yourself against theft and vandalism. There are many causes for vehicle damage. A liability-only policy will only cover those risks.
Liability-only policies are usually less expensive than full coverage, but finding the best policy can be challenging. Multiple quotes can help you get the best deal.