The answer to the question is “Yes”. With the current recession of the economy, a lot of people are now weighing the possibility of switching from full coverage to liability coverage. The odds of the switch are minimal and will definitely lower your monthly car insurance bill especially if you are confident about your driving skills. But put in mind that it also has few disadvantages when it comes to your car insurance claim and this is because Liability coverage has limited options as compared to Full Coverage.
What you need to know when it comes to Full Coverage is that it covers your car in an accident regardless if it was you or the other driver who is found to be at fault. If you have just purchased your car and you are still currently paying for it, availing of a Full coverage will seem more beneficial. Another thing to consider is whether you are a teenage driver (usually college students) or a senior citizen (above 75 years of age). You might want to give your idea of switching a second thought as both age groups are, according to statistics most prone to cases involving vehicular accidents.
The other type of insurance which is Liability coverage will include and cover only the damages you have done to the other vehicle involved in an accident. That is why when opting for this type of insurance; you will have to consider your driving skills. Remember that this insurance coverage will only cover the damages and injuries you have caused, but will not replace your vehicle nor pay for your hospital bills, just in case you will be in need of one. Ask yourself if you your driving history is clean of minor accidents and if you have the capability of replacing your car if ever involved in an accident that will leave it beyond repair.
These days, it is quite undeniable that there is a need for adjustment in our monthly budget. If you see your car insurance as one of the bills where you can make a reassessment, do it. But do not forget to weigh the pros and cons of your decision. Never compromise your safety on the road to a few dollars off your monthly budget. However if you are confident enough about your driving skills, you might actually be paying way more than you actually need to your car insurance company.
