What kind of insurance do you need if you have more cars than drivers?

How many cars are parked in your driveway or garage? Chances are you have more vehicles than drivers. That seems to be the trend these days.

According to an article posted January 11, 2010, in the online news magazine AlterNet, the United States now has 246 million registered motor vehicles and 209 million licensed drivers. That figure averages out to nearly five vehicles for every four drivers.

If you're among the families with more vehicles than you need, what are you doing about auto insurance? If you have full coverage on all of your vehicles, whether you drive them or not, you are definitely spending too much on insurance.

Here are some recommendations on ways you can save money.

1. Take advantage of low mileage discounts

If you have a vehicle that isn't driven very often, be sure to communicate that fact to your insurance agent. Some companies offer discounts on auto insurance for motorists who drive less than an average number of miles per year. Low mileage discounts can also apply to drivers who carpool to work.

2. Reduce coverage on older cars

If you have an older model car that isn't driven very much, consider dropping collision and/or comprehensive coverage to save money. A good rule of thumb is to drop the coverage if your car is worth less than 10 times the cost of the premium.

To find out what your vehicle is worth you can either consult an auto dealer or bank, or look it up in Kelley's Blue Book (www.kbb.com).

3. Store unused vehicles in a garage

Another good way to save money when you have more vehicles than drivers in a household is to store the unused vehicles in a garage, rather than leaving them parked outside on your property. Drivers who can prove their cars are stored in a garage will generally be given lower premiums than those who park their vehicles outside.

Be sure to keep these money-saving ideas in mind the next time you request car insurance quotes.

Courtesy of ARAcontent