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Boost Your Gas Mileage By Adjusting Your Car Insurance?

Dan Morton

Visitors: 175

Can this be true? It sounds almost as good as the “run your car on water" scams out there today. In reality, making adjustments in your car insurance won't increase your gas mileage one bit. But, if you make the right changes, you could save more money on the total cost of ownership (the amount you pay for EVERYTHING car-related), than you could ever hope for by squeezing out an extra mile or two per gallon.

  • Carry liability only. Are you driving an older car? Is it worth $3,000 - $4,000 or less? Find your insurance policy (or call your agent) and see if you carry comprehensive (comp) & collision, towing, windshield replacement or other such coverages. If you're currently paying for any of these items, the cost could far outweigh the benefits.

    In my case, my 1994 Taurus is worth about $1,500 - comp & collision would cost about $600 a year. It doesn't take a genius to see that in less that three years I'd have paid far more than the car's worth in insurance premiums. Better to put that money into a savings account.

    A word of warning: Don't skimp on the liability (the insurance you carry if you damage others). You may have a cheap car, but you may have just totaled a $200,000 Mercedes. You will still have to make good on the Merc even if your insurance stops at $25,000.

  • Shop around for the best insurance deal. There really isn't any reason to not change your insurance carrier IF you can save a buck or two (or more). It's like getting a mortgage for your home - get the cheapest overall money you can. But, make sure you consider the TOTAL cost package. As long as the insurance is comparable and the carrier is licensed to do business in your state, you could be a winner.

    Make sure you read the fine print as some companies charge an upfront “application" fee that could make the change a non-profit deal. And, yes - reputable online insurance companies are a good way to go - as long as the dollars work out.

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