When you were young and bought your car insurance, did you ask your agent to make your policy inexpensive?

Young drivers don't have a lot of money. When a young driver buys an insurance policy, it is usually the lowest coverages for the lowest price. The insured driver does not routinely check the policy coverages after that first policy is purchased. There is no increase in coverage as the policy renews year after year. If your insurance policy is ignored in a drawer somewhere, now is a great time to update your coverage. If you are in an accident, your emotional and financial well-being may hinge on adequate insurance coverage.

Do you think auto insurance is something to have so you don't get in trouble with the law?

Different insurance life stages require different levels of coverage. When you are young, if you are in an accident and the damages are more than your insurance coverage pays, you don't have many assets to seize. If you are a homeowner, raise your auto insurance liability coverages and ensure your coverage covers the cost of a nice car, just in case you hit one with your car. If your coverage is adequate, you won't have to take out a home equity line of credit to pay for an at-fault auto accident.