If you find yourself sitting at a stoplight, county out seven cars around you and guess which driver doesn’t have insurance. That’s how many cars are on the road uninsured according to the Insurance Research Council. That means that out of around 5.5 million accidents that happened in 2009, nearly 770,000 involved an uninsured driver.

Typically as unemployment rates drop, the number of uninsured drivers on the road does too, but it’s not a good idea to take this gamble. “The best way to protect yourself financially from other drivers and your own mistakes is to make sure you have enough auto insurance coverage,” said Dre Fleury, a North Carolina attorney for Crumley Roberts, specializing in injuries incurred in automobile accidents, in a news release. “The minimum required coverage is definitely not enough, and ideally, you want to have more than enough.”

Experts who deal with accidents involving uninsured drivers say they cause emotional and physical damage daily. The best way to protect yourself financially is to set aside money in your monthly budget for auto insurance. “Policies can be very detailed and highly personalized, but the key areas you want to review are liability and uninsured/underinsured motorist coverage,” said Fleury. “Medical payments coverage or MedPay is also a great thing to have in your policy, because it basically gives you instant cash following an accident.” MedPay is very affordable and can be purchased for as little as $20 a year for up to $10,000 in coverage. “If you have an older car and no loan, one coverage area you actually may be able to decrease is collision and comprehensive, which can represent 30-40 percent of your total premium cost,” said Fleury. “But I would strongly suggest using any savings to boost your liability, uninsured motorist and medical payments coverage.”

A new study says that Americans took on more risk during recent years as a way to reduce car insurance costs. Quality Planning conducted the study and found an increase in the number of people who opted not to purchase collision and comprehensive insurance between 2006 and 2010. They saw even higher jumps with older vehicles.

Between 2006 and 2010 Americans spent an average of $721 to insure each vehicle. During those years, the average insurance cost for a new vehicle was $913 and older vehicles cost $528 on average to insure. The study revealed that most owners were willing to pay for complete coverage for new vehicles.

But when it came to older vehicles, consumers were more likely to take a gamble and reduce insurance coverage. The number of older vehicles without collision or comprehensive coverage increased from 53% to 63% according to a news release issued by Quality Planning. This reduction in coverage saved consumers about $19 a month, or $229 each year.

Consumers also increasingly adjusted their collision coverage deductible since higher deductibles cost less. From 2006 to 2009 the percentage of vehicles with low collision coverage deductibles (less than $250) dropped by an average annual rate of 9%. Those with higher deductibles (from $251 to $1000) increased by as much as 4.9% a year.

There are millions of people across the United States who have heard about the infamous Geico Car Insurance commercials where millions of people have saved 15% or more in just 15 minutes talking with Geico. While there may or may not be some truth to it, here are a few tips that can really save you money on car insurance.