Getting into debt can be easy; getting out can be quite difficult. When you are in a financial predicament, it can be tempting to cut corners to generate more money with which to pay your debts off. But you shouldn’t cut your car insurance. If you have a good car insurance policy, than you should definitely stick with it. If money is tight – and who doesn’t have money worries these days – consider spending some time looking to compare car insurance. This will help you get the car insurance quotes you are looking for to save money.
The main reason you shouldn’t reduce your car insurance is that it is still likely that you could end up in an accident. If it does, then you will find that your cheaper insurance doesn’t cover the incident as well as your previous policy. In short, you’ll be out of more money.
This also means that the company might not cover replacement parts or repairs to the same extent as they use to. If your car is an important part of your life, such as a main means of commuting to and from work, then it is not something you can simply afford to leave.
The Cost of Replacement
However, covering the costs of repairs yourself can be expensive, especially given severe accidents. Again, you may feel tempted to cut corners with cheaper options, but ultimately this will make your situation worse. Your insurance company won’t appreciate what you’ve done, likely pushing up premiums, and you’re car will be in a lower standard of quality than before. If you do not use your car a lot, or think you could cut down to save money you may want to opt for temporary car insurance too. This can ensure you are covered, but is cheaper than a full policy.
You’ll also be more likely to break down, adding additional claims to your policy, and destroying your vehicles performance record and value. In short, you may have saved some money initially, but the potential costs thereafter can drastically spiral out of control.