SAN FRANCISCO (KGO) -- Do you know why cheap car insurance policies are so inexpensive? Michael Finney has another 7 On Your Side Quick Tip for you!
Many of these cheaper policies come with a real scaled-back service. So for instance, you won't be able to call into the company, you'll have to go online through their website. And when there is an accident, you'll have a deducible to pay - a huge one. One thousand dollars, two thousand dollars, sometimes even more. And then finally - this is really the serious part - you may have very limited coverage. So rather than covering the entire accident (we normally suggest you have a half-million dollars of coverage) you may end up with only ten thousand or twenty thousand dollars' worth of coverage. Well if you don't pay for the accident, and the insurance company doesn't pay for the accident, you could be sued - they can take money from your paycheck every week, for years to come.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.
QUICK TIP: Is cheap car insurance worth it?
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