More than 1 in 5 Americans have no emergency savings: how to ensure your auto insurance doesn’t leave you strapped in an emergency

More than 1 in 5 Americans have no emergency savings at all, according to Bankrate’s 2024 annual emergency savings report.

Only 44 percent of U.S. adults are able to expense $ 1,000 or more in an emergency from their savings.

Carrying the minimum amount of car insurance will likely get you a cheaper premium and save you in the short run, but you assume greater financial risk.

In 2022 , collision claims were the most frequent across the board, with 4.9 percent of policyholders with collision coverage filing a claim.

Collision coverage pays for the repairs to your vehicle if you were found at fault for the accident.

Comprehensive coverage provides protection for vehicle theft, weather damage, theft, animal collisions, vandalism and other perils.

You typically receive the declarations, or “ dec ,” page once you purchase your policy.

It includes information about the coverage types you have, your coverage limits, deductibles, the names of the covered drivers in your household, which vehicles are insured and claims filing information.

If your insurer has an online portal or mobile app, you can download it there.