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.