At any point you want to buy an auto insurance policy, you have to take one of two options: The most adequate coverage or the cheapest. Yes, there are really times when you don’t need the most “adequate” coverage.

There are situations where you really do NOT need the best auto insurance policy. But because the law demands that you have it before you drive, you have to get one. In such a case you just need enough insurance to get by.

We’ll look at one such situation where this applies and how to go about it for the best results…

Comprehensive and collision coverage are great for an auto insurance policy. However, for an old car that’s NOT a classic, they are NOT advisable.

Insurers will calculate your car’s value at the time of a claim based on what is known as Kelly’s Blue Book. The painful thing about this “book” is that, for old cars, the value is too low. Therefore, your insurer pays you nothing or close to nothing notwithstanding how high and for how long your comprehensive or collision coverage was.

If you want to take the most financially sound decision, then you’ll do well to drop collision and comprehensive coverage once your car becomes old — Then it doesn’t do you any good.

How about the liability part of your auto insurance policy? Fine, here’s a better way to it…

Get an umbrella policy. This will give you far more coverage from liability claims per premium dollar spent than the most extensive of auto insurance policies. Furthermore, an umbrella insurance policy will typically bankroll fully even the craziest of lawsuits and all you’d have to pay are very affordable premiums.

For just less than $300 you can easily get $1 million coverage with an umbrella policy. Try that for your auto insurance liability coverage and see if you won’t have to pay a lot more.

And I almost didn’t tell you that it will cover all liability claims against you and NOT just those related to your vehicle.

If it makes sense in your case, go for the minimum required by the law. But, please, it’s better to buy more coverage than you need than to put yourself in a bad position. Take some time to think this through. And, don’t forget to consult a financial expert.

If you want to save even more without putting yourself at risk, take some time out to do extensive comparison shopping. Get and compare quotes from a wide range of reputable auto insurance quotes sites.