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Saving money is something we can all learn to do in times that inflation is kicking butt. Let’s learn together how to save more money with 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
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 —
After this photo, we have made several all cash car purchases. We purchased a 2010 Subaru Forester for $5,000, and then gave this SUV to someone once we moved to travel tiny across the country to become a 1 car family.
Recently, we became a two car family again and just bought a 2003 Dodge grand caravan for $700. It allows us to do all we need and it cost us less overall.
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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!!
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
If your car is worth less than $1,000 if you were to sell it right now. Only insure liability — saving you money!
Our car, it was a 2005 chevy cobalt that had 175,000 miles on it. (14 years old — we had it since 2010, so for 10 years we had it) 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.
Our other car we only insured liability was the 2003 Dodge Grand Caravan. It cost us $174 for 6 months in South Dakota, which has a higher insurance cost than most states due to having hail storms (well at least more than Virginia).
When looking to see where you can save money I know 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!
Like if you need to relook at your insurance.
Like if you have saved money with your insurance lately.
Pin for someone else during this time.
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