D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Reviewed by Jeffrey Johnson
Insurance Lawyer

UPDATED: Jul 19, 2021

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Dropping coverages means you accept more risks.
Dropping coverages means you accept more risks. (image by pollsb.com)

For many households, staying afloat means cutting costs when finances get tight. And that is exactly what happened in the recession. At the peak of the the recession, many people dropped their levels of coverage on insurance and assumed more risk for themselves, according to a new study conducted by analytics firm, Quality Planning.

The greatest number of those who dropped coverages in the timeframe of the study, which includes data collected from 2006-2010, did so on cars that were 10 years or older.

Dropping comprehensive and collision insurance on older cars is one of our 10 steps to lowering car insurance costs, and that’s exactly what the majority of these consumers did. The study indicates that a full 63 percent of cars that are more than 10 years old are now insured with their state’s minimum liability coverage, up from 53 percent when the study began.

Dropping these coverages saved consumers an average of $229 per car annually.

While consumers may have been willing to increase their risks significantly with older cars, the same cannot be said for those who bought new cars in the same period, although they too did slightly increase their risks by raising the amount of their deductibles, which is yet another of our 10 steps.

While new car purchasers did purchase full coverage for their autos, including liability, collision and comprehensive insurance, there were significant increases in those who were willing to choose a higher deductible amount on those coverages. Those choosing higher deductibles ($251-500 and $501-$1000) increased between 1.6 and 4.9 percent per year during the study.

Having the right coverage at the right price is important. And most people have been with their current auto insurer for a decade or more. While both dropping coverages and raising deductible amounts are easy steps to lower your car insurance costs, sometimes the easiest and most effective one is to shop around and obtain quotes from other companies.