Just like everyone else, you want to minimize -- even eliminate -- your risk exposure. This is the very reason you cough up some dough every month to cover payment costs for your various insurances. Now, car insurance, life insurance, and health insurance - these three are probably most important items in your budget because they provide you a fair amount of protection. You wouldn't know when accidents happen. You wouldn't know when you or someone you're financially responsible for gets sick. You wouldn't know when you'd die.
The good news is that you may not be able to predict or prevent sickness, accident, or death but you can certainly minimize the potential losses you and your family are bound to suffer.
Among available insurances, car insurance is one you shouldn't do without. While behind the wheel, state laws require you to carry minimum coverage. But beyond that, you don't want to risk not having cover when your hand is on the steering wheel. You might be a very good and very careful driver yourself but you would not have a way of knowing if the other drivers with whom you're sharing the road are as careful as you are.
When you hit hard times, cut back on your expenses. Review the policies for all your insurances. Car insurance costs could be reduced by the type of vehicle you drive. Some makes and models are even given premium discounts. Auto insurance companies rank and rate cars based on safety features. Your premiums are in fact largely affected by safety and other features inherent in your car make and model. When your car insurance costs eat a huge portion of your insurance pie, request for quotes from various providers. See how your current vehicle rates and decide whether to keep it or give it up.
