But there are some stipulations with this program that you should be aware of before heading out to your local car dealership. In addition to gas mileage and other restrictions, the program requires that your trade-in vehicle be less than 25 years old and that it must be traded-in toward the purchase of a new qualifiying vehicle.

Also, your trade-in vehicle must have been continuously insured for one year prior to you trading it in. Other stipulations of the program are:

• Only purchase or lease of new vehicles qualify

• Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)

• You don't need a voucher- dealers will apply a credit at purchase

• The program requires the scrapping of your eligible trade-in vehicle, and the dealer must disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.

If you are participating in this program and have decided to trade in your 1985 Merkur XR4Ti for a new 2010 Ford Fusion, you better make sure you trade in your old car insurance policy as well. Now that you have a shiny new car, you need to revisit your car insurance to make sure you have enough coverage to protect it.

Chances are when you insured your clunker, you dropped your collision coverage to save some money on your car insurance. Collision coverage is the part of your car insurance policy that will help pay for fixing damages to your car in the event of a collision. Many people drop this optional coverage when their cars' value gets low enough so that if they were to get into an accident, they would replace the car rather than fix it.

And your new car might not cost as much as you might think to insure it. Car insurance providers offer discounts for having a safe vehicle. Safety features that are standard today weren't around back in the 80s. Airbags became standard on passenger cars in 1998 with pickups, vans and SUVs being required to have airbags the following year. Some car insurance providers will give discounts if your car has airbags and anti-lock brakes.

Most car insurance providers will also offer discounts if your car has anti-theft devices installed. These devices range from your standard annoying audible alarm to having your VIN etched into your windows. There's a good chance that your older car from either 80's or early 90's didn't come with an audible alarm system. Even if your new car doesn't come with an alarm, you can install an aftermarket alarm and still be eligible for car insurance discounts.

If you are thinking about trading in your old car and taking advantage of the "Cash for Clunkers" program, you better hurry up. The program is scheduled to go until November 1, 2009 or until the funds are exhausted.