The key to having low monthly car insurance payments is to have a high deductible. This can reduce the amount of money you have to pay each month, but can require out-of-pocket expenses that you are not prepared for in the event of an accident. The deductible amounts vary and can be as little as $500, or as high as $1,500. While neither of these amounts are extremely high, they can be a financial glitch for someone who is living paycheck to paycheck, with very little savings. Even if you have $2,000 saved, if your deductible is $1,500, this takes a sizable amount from your savings and you will have to start over.