I almost saved money on my car insurance, and lost money out of my pocket!

I had a bad day. After changing my car tire, I was hot and tired. My kids were in the car, and they were anxious to resume or trip. I stopped in a parking lot phone our hotel because I wanted them to hold our reservation, and did not think I would make it in time for normal check in. I had no trouble with the reservation, but then I backed up right into a large truck that had slid into my blind spot.

Of course, I should have checked my rear view better. One might have argued that I should have taken a break before resuming our trip. However, I did not, and for the first time in 20 years, I was judged to be at fault for an accident. The truck was only scratched, but my mini van needed a new back door.

I did do one thing right. A few weeks before I was tempted to save a few dollars by cutting out my collision insurance, and only keeping liability. My car is a few years older, and I had read that advice in a popular financial advice article. I chose to wait on that decision, and I was really glad I did!

One thing I did do was to increase my deductible from $250 to $500, and that worked out ok. It did lower my premium by about 20%. I could afford to absorb the loss, and would save the increase in my bill after about a year.

However, because I had kept collision, my insurance company spent about $1,000 to replace the door. I had to throw in the other $500. That was my deductible. The insurance also included a rental car, so that saved me about $300 more! I was protected with $1300, and this was a minor accident! My insurance agent told me that collision coverage only cost me an extra $15 a month! It would take a long time to justify the accident expense in saved premiums.

If you are considering a new car insurance plan to save money, I urge you to reconsider. The true cost of car insurance is not only the premium, but what they will pay when you have an accident. You may be able to save money by finding multiple car or auto and home discounts, taking a safe driver course, or selecting a car which is cheaper to insure. Make sure you are not giving up valuable coverage that you cannot afford to lose!

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