If you're in the market for liability only car insurance, you can save a lot of money by shopping around. But you should be aware that providers can place different weights on different risk factors. If you own an older vehicle that's not worth much, you might want to consider liability-only coverage.
Liability Insurance at Low Cost
WalletHub analyzed quotes for liability-only auto insurance from 17 major insurers. Each company's price is based on a baseline driver profile that includes a person's age, gender, and location.
Geico Progressive State Farm tend to offer the most affordable liability insurance policies. These companies not only offer cheap insurance rates but also discounts like the student discount and multicar discounts.
Comparing car insurance companies is important when considering your credit score. Fixing any mistakes on your record may lower your rate.
You should also consider whether or not you are likely to receive a ticket or an accident in the near future. If you've had an accident that was your fault, your insurance costs will go up. It is therefore best to buy coverage before your driving record becomes tarnished.
As a rule, choose a liability limit that is lower than your state minimum requirement. You will avoid having to pay expensive premiums if you are involved in an accident. These limits are usually written in a three-digit format, like 25/50/25. This means that you can only afford to pay a maximum of $25 for bodily injury coverage per person, and $50 maximum for property damage.
Liability-only auto insurance costs typically half as much as the average national rate. This is because it is more cost-effective to have liability coverage rather than cover your own expenses.
You can also get liability-only auto insurance for teens at a lower cost than purchasing a policy that covers them fully. Because a teenage driver is less likely to be in an accident, insurers are more willing to provide a policy that's cheaper.
In most cases, young drivers who purchase a policy via a parent/grandparent can save on liability-only auto insurance. Addition of a teenager is also cheaper than purchasing a brand new policy.
You should also consider a low cost liability insurance to protect yourself from vandalism and theft if you are living in a high-crime area. There are many causes for vehicle damage. A liability-only policy will only cover those risks.
It is often cheaper to buy liability-only insurance than a complete policy. However, it can be hard to find the policy that's right for you. Multiple quotes are the best way to get the best price for your particular situation.