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Car insurance premiums: Up or down?

Two car insurance premium monitoring websites have reported conflicting trends for June. One said that June car insurance premiums rose to an average of $1,884. The other found that premiums dropped more than 5 percent last month to $1,804.

At any rate, consumers should be looking for savings on their car insurance premium. Experts say competition in the insurance industry is motivating companies to lower rates to get new customers.

Insurance experts say drivers who raise their deductible from $250 to $1,000 can save as much as 40 percent on their annual premium. Insurance agents can help consumers lower their premium by adjusting the level of their liability or, in some cases, through discounts.

The number of uninsured drivers is estimated to be rising due to the poor economy, as more people feel they can't afford to continue paying it. But state laws are getting tougher on uninsured drivers.

While consumers who drop their insurance might save money in the short-term, the risk is greater than the reward.

An uninsured driver risks getting in an accident and having to pay for repairs and health costs, as well as getting hit with fines or even jail time.

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