The liability-only insurance is around $70 a month.

It depends where you live and how much coverage you get. The real kicker these day is uninsured motorist coverage, because so many people are driving without insurance and they are much more likely to get into accidents.

You must own your vehicle in its entirety to be able to downgrade to liability-only. If you are still making payments on your car (which most people are), your lender requires that you maintain full coverage.