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Question Is cheap auto insurance usually a bad idea?

Member
Sep 30, 2020
18
Jacksonville
Occupation
finance
I am on the lookout for new auto insurance and wanted to know if it was a good or bad idea to invest into a cheap auto insurance? Maybe it's one that has limitations and doesn't cover everything like some of the bigger agencies do. What are yout thoughts on using cheaper insurance?
 
Member
Oct 2, 2020
21
New Mexico
Occupation
Real Estate Agent
Yes, and for the reason you specified. It doesn't always cover everything. More reliable ones, will offer roadside assistance, towing, and other things on top of the insurance. Cheap insurance may work for some, but it's not the more reliable.
 
Member
Jul 30, 2021
17
The main purpose of car insurance is to secure yourself and others with a financial backup in case of damage or injuries. For this reason buying car insurance is mandatory. Buying a Third-party Liability Car Insurance plan, which is by far the cheapest, is compulsory if you wish to drive legally. Buying cheap insurance cover can pose a huge threat to your finances, and you may end up paying a large sum of money for seemingly low-cost incidents whereas investing in the best car insurance policy will help you get a solid financial cover when you face an unfortunate. This will reduce your financial stress and also help you get the best services under car insurance. So, I would advise against cheap insurance.
 
Member
Jul 31, 2021
29
Occupation
Investor
Cheaper insurance almost always means very limited coverage. There are cases where you can get cheaper insurance depending on your age, driving record, and other factors but in most cases, you should expect to be paying no less than $70 per month for quality insurance.
 
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