My husband and I are very lucky to completely own our three personal vehicles. But, please don't think we drive the latest and greatest cars. Our newest car is 12 years old now. Our other two cars are over 19 and 25 years old. Because we hold the titles for each of our cars, we are able to save money on our auto insurance coverage.
Each of our vehicles have Liability Only insurance coverage. For our 12 year old vehicle, this means a savings of over $400 each year. Our policy has been reduced from $377 to less than $175 for 6 months.
If you hold the title to your car, contact your insurance provider and see what your savings could be. If you reduce your policy to Liability Only, understand that you will not be compensated for your vehicle in the event that you cause a collision with another vehicle.
We looked at the estimated value of our vehicle to determine if we should reduce our coverage. Because our vehicle is only valued about a few thousand dollars and we primarily drive our company cars, this decision was easy for us.
