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Whether you are buying a new policy or renewing one you have held for years, you should consider exactly what you propose to buy and whether it will satisfy all your needs. In other words, buying a policy should be more than picking the cheap auto insurance although how much you can afford to pay is a critical factor. So let's put this into context. When you drive, there's a risk of injury. Does your current health insurance plan cover the medical expenses for treating those injuries? Do you have any cover to make good loss of pay if you are unable to work? Suppose you crash into the back wall of your garage, does your home insurance cover the cost of rebuilding and will your vehicle be repaired? To answer these and all the similar questions, you need to read through all the insurance policies you have and on offer.

As an aside, there's nothing to prevent you from changing your insurer at any time. You do not have to wait until the renewal date. So if for example, you are finding it costs too much to maintain collision and comprehensive cover, you can cancel those elements and switch down to the mandatory minimum liability cover. Under normal circumstances, the insurer must refund the unused premium after the period of notice has expired.

So back to the questions posed above. Personal Injury Protection pays for your medical treatment if you are injured in an accident. Because it pays out no matter who caused the accident, it's called no-fault cover. Some PIP plans also cover loss of wages or the cost of hiring someone to help look after the family while you are in hospital. Such cover should always be considered alongside uninsured or underinsured cover. In at-fault states, you cannot assume the driver who crashes into you will be insured. Then who will pay your medical expenses and the cost of vehicle repairs? So always think carefully about the extent of the cover you propose to buy, particularly if you propose buying cheap auto insurance.