In the coming weeks, we'll look at insurance needs at four stages of life: young singles, young families, established families and empty nesters.

We'll highlight what insurance you need, what you don't need and how to save money along the way. The topic of buying insurance can be complex, but no more confusing than figuring out what cellphone plan is best for you.

House parties are common among young singles. Did you know you could be sued if someone drinks alcohol at your rented apartment, then drives a car, causes an accident and hurts someone or damages property?

"If you're hosting parties, you don't diminish your liability because you don't own the property," said Alessandro Iuppa, president of the National Association of Insurance Commissioners.

If you're still in high school, good grades can lower your insurance premiums. And if you're away at college and only drive on weekends, you could qualify for lower rates because you drive less.

If you drive a beater, consider dropping collision coverage. A rule of thumb is to drop collision and comprehensive coverage when your car's retail value falls to about $2,500.

And you don't need a ton of liability insurance if you have a low net worth. In other words, if you are sued, you don't have much money or many assets to lose.

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