Cheap car insurance –
is it worth the risk?

A cheap car insurance rate might seem like a good idea at first, but it’s important to understand what you’re really buying.

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Will you have the right coverage with cheap car insurance rates?

We posed this question to Paul Harrington, a Farmers Insurance® agent based in Moore, Oklahoma. Here’s what he had to say about cheap car insurance.

“[A] one-size-fits-all approach doesn’t always work when it comes to insurance, whether it’s for your car, home, life, pet, etc. Every person’s situation is different, and choosing the cheapest option could potentially mean you do not have all the coverage you want. 

One of the biggest mistakes people can make when shopping online for car insurance is not having enough liability coverage, which is coverage if you’re found negligent in an accident. It might be tempting to go for the minimum coverage, but it may not be enough if you are responsible for another person’s injuries. In my state of Oklahoma, for example, minimum coverage is $25,000 to cover someone’s medical bills. Let’s say you injure one person who has medical bills in the $50,000 range. The insurance company is only responsible for $25,000 and the insured may be on the hook for the other $25,000. That’s a scenario no insurance customer wants.”

The lesson here: cheap car insurance may save you money in the short term, but it could cost you if an accident happens. 

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What are the benefits of affordable car insurance?

We all want to save money, but when it comes to car insurance, it’s important to strike a balance between an affordable price for your budget and the coverage you want. That’s where talking to a Farmers agent can help. They can explain different coverage levels, ask questions about your life, and help you to find the coverage you want at a price that’s affordable for your budget.

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Can auto insurance discounts help save you money?

Absolutely! You can learn more about the different discounts Farmers offers for auto insurance, or talk to an agent to see which you may qualify for. You may be eligible for discounts for safe driving, buying multiple policies and more.

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What are other ways to save on car insurance?

Depending on the car you drive, the deductibles you choose and other factors, you may be able to save more money on your car insurance. Consider chatting with a Farmers agent about your options, or start a quote to see what you could save.

The information contained in this page is provided for general informational purposes only. The information is provided by Farmers® and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.

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