We’re all looking for ways to save money these days, but if you’re focused solely on finding the cheapest car insurance, you could be doing yourself and your family a major disservice.
When it comes to insurance, the old saying holds true: you get what you pay for. Time and again, we’ve seen the consequences when people choose their insurance based on cost rather than coverage—it often leads to regret when they need it most.
In this article, we’ll explore why cheap auto insurance isn’t always the affordable choice you think it is, and why prioritizing quality coverage is the smarter, safer option.
The Problem With Cheap Car Insurance
It might be tempting to opt for the lowest premiums when shopping for auto insurance, but cheap car insurance often comes with hidden costs. Cheap car insurance premiums typically come with bad coverage, poor customer service, and high deductibles, all of which can financially and emotionally devastate you in the event of a claim.
“But I’m a safe driver!” you might think. The truth is, no one can predict when they’ll be involved in an accident, how it will happen, or the extent of the damage. Driving is one of the most dangerous activities we do every day, yet many of us take it for granted.
Even the cheapest car insurance policy is worthless if it fails to cover your medical bills or property damage when you need it. Instead of looking for “cheap” insurance, we encourage our clients to focus on finding valuable car insurance—coverage that offers real protection and peace of mind.
What Do You Mean By “Valuable” Car Insurance?
When it comes to car insurance, your policy should be worth every dollar you’re paying for it. In other words, it’s not about finding the lowest insurance costs—it’s about securing coverage that truly protects you.
Shopping based on the level of coverage you’re receiving, rather than price alone, is the key to making a smart investment in your safety and peace of mind.
Consider this: if you were involved in an accident tomorrow, would you be able to pay your deductible? Would your insurance cover the cost of a lengthy hospital stay or the replacement of a totaled vehicle? With today’s advanced car technology, even a minor collision can result in a total loss, leaving you with a significant financial burden if your coverage falls short.
Florida law only requires drivers to carry a certain minimum level of insurance, but this amount is often woefully inadequate for anything beyond a minor fender bender. Choosing a “valuable” car insurance policy means looking beyond the bare minimum and ensuring that you have enough coverage to protect yourself and your family in the event of an accident.
What Coverage Do I Need?
While Florida drivers are only required to carry minimal insurance, these basic policies often fall short in real-life situations. To ensure you’re adequately protected, here are the essential types of car insurance coverage to consider:
- Personal Injury Protection (PIP) – Covers medical expenses and lost wages for you and your passengers, regardless of who caused the accident. Florida drivers are required to carry at least $10,000 of PIP coverage, but this amount may not cover all your expenses in a serious crash.
- Property Damage Liability – Required in Florida, this coverage pays for damages to someone else’s property if you’re at fault in an accident, such as repairing their car or a damaged fence.
- Uninsured Motorist Coverage – Protects you if you’re hit by a driver who doesn’t have insurance or lacks sufficient coverage. At DSI, we advise our clients to stack their uninsured motorist coverage, which you can learn about in this YouTube video.
- Comprehensive and Collision – Covers damage to your own vehicle. Comprehensive coverage protects against non-collision events like theft or fire, while collision coverage pays for repairs if your car hits another vehicle or object.
- Bodily Injury Liability – Unlike other states, Florida does not require this coverage, but it’s crucial. It pays for medical expenses, legal fees, and other costs if you’re at fault in an accident that injures someone else.
- Medical Payments (Med Pay) – Supplements PIP by covering additional medical costs that PIP doesn’t cover, such as co-pays or extended hospital stays.
- Gap Insurance or New Car Replacement Coverage – If your car is totaled, gap insurance covers the difference between what you owe on the car loan and the vehicle’s actual cash value. New car replacement coverage ensures you can replace your car with a similar new one instead of settling for the depreciated value.
By including these types of coverage in your policy, you can ensure you’re protected in a variety of scenarios, giving you peace of mind on the road.
How To Save Money On Car Insurance
The good news? Getting great car insurance coverage doesn’t have to break the bank!
By being strategic with your choices, you can secure valuable coverage while keeping your premiums manageable. Here are three effective ways to save money on your car insurance policy.
Buy More Insurance
It might seem counterintuitive, but buying more insurance can actually save you money in the long run.
When you only purchase the bare minimum coverage, insurers may view you as a risk-taker, which could result in higher premiums. On the other hand, purchasing a more comprehensive policy shows that you’re a responsible driver, making you eligible for better rates.
Plus, with more coverage, you’ll be better protected in the event of an accident, avoiding costly out-of-pocket expenses.
Ask About Insurance Discounts
Insurance companies often provide discounts for policyholders who demonstrate good driving habits or meet specific criteria.
Discounts might be available for safe drivers, students, or those who pay premiums in full. You can also save by taking a defensive driving course, installing anti-theft devices, or even using telematics devices that monitor your driving habits. Memberships in organizations like AAA or AARP, as well as maintaining a strong driving history and improving your credit score, can also help reduce your premiums.
Use an Independent Insurance Agent
Working with an independent insurance agent is one of the smartest ways to save money on car insurance.
These agents have access to a wide range of carriers, allowing them to find a policy tailored to your needs and budget. They can also advise you on which companies offer the best claims experiences and help you get the most competitive car insurance quote. With their expertise, you can ensure that you’re not only saving money but also getting the right coverage.
Conclusion
Cheap auto insurance might seem appealing when you’re trying to save money, but it’s often the last thing people want when they’re dealing with the aftermath of an accident.
In my 25 years in the insurance business, I’ve never had someone call to thank me for finding them cheap coverage after a crash. What people truly value in those moments is knowing they have the right coverage to protect their health, property, and financial future.
At Darr Schackow Insurance, we believe in finding the perfect balance between affordability and comprehensive protection. Our experienced team can help you navigate the options, compare policies, and ensure you’re covered for whatever life throws your way.
Contact us today to get started on a policy that offers real value—not just a low price.