5 Saving Tips for Auto Insurance

1. Auto Insurance when Married

Did you know when you get married, you can save more money on your car insurance! This is one area after marriage “to do list” we forgot to do, until we were looking at how to cut more from our budget. I called my insurance company to see what they could do for us since we were newly married and we had 2 different policies with 2 different companies.

2005 Chevy Cobalt –

2015 Chevy Cruze – Metlife

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2. Buy cars with cash

We probably are not the first one to tell you to buy a car with cash.

If you cannot afford to buy a car with cash, buy one that will get you from place to place for awhile before you buy a $15k car. Buy a car under $10k and try to get as close to $5k. Pay it off fast!!

You will save in TWO places —

  • Car insuranc
  • Interest from the car payments
My first all cash car purchase!

3. Excellent credit score

Having an execellent credit score gets you additional discounts just like buying a home. For example, in Virginia, the state we live in it could cost over $1500 for someone with a poor credit score vs our same coverage(100k/300k).

That’s HUGE savings opportunity!!

Photo from nerdwallet.

4. Auto deduction through employer

We work for a really great company who offers payroll dedication for our auto insurance this gives us additional discounts. See if your company does too! It could have you hundreds!

5. An old car only insure liability

Our car is worth less than $1000 if we were to sell it right now. It is a 2005 chevy cobalt that has 175,000 miles on it. (14 years old — we’ve had it since 2010) For trade in, we would only get $500. Which is why if you have an older car you want to ensure the person that is hit is covered, but your car would be totaled anyways. Consider really saving up for a new “old” car to buy with cash.

When looking to see where you can save money I hope these 5 tips helped you or sparked an idea for a savings somewhere else in your finances. Life can get rough, but sometimes if we do not look at policies or insurances for a year or two it can end up costings us longer in the long run.

If you have not reevaluated your insurance…try it and see where you can save money!

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