It's already that time again… six months has passed since we renewed our auto insurance and it's time to do that again. I hope one day to be in a position where I can buy auto insurance for one year at a time. But in the meantime, renewing every six months prompts me to check around for the best insurance rates. This time I checked through Costco and through Go Insurance Rates. Unfortunately, both companies were unable to give me a quote because Mr. A has two vehicles used primarily for business. So I am sticking with the company we have been with which last year saved us $318 for the six months. Our rates did go up by $28 this time, which is not bad at all.
When comparing auto insurance and looking for new quotes, it's important to have your current policy available so that you can compare apples to apples. Sure you might find a company that will give you a lower rate, but you might find that your insurance coverage is not as high. Sometimes you may find a better rate if you insure your home with the same company.
Some of the things you'll want to know to make the comparison:
- Vehicle year, make and model
- Driver's age and if they've had any tickets or accidents in five years
- Amount of liability bodily injury for each person and each accident
- Comprehensive coverage
- Collision coverage (you must have this if there is a lien on your vehicle)
- Property damage each accident
- Medical payments each person
- Uninsured motorists bodily injury each person/each accident
- Underinsured motorists bodily injury each person/each accident
We insure four vehicles on our policy: one vehicle is 1994, two of the vehicles are 1996, and the fourth is 1999. This means our insurance rates are very reasonable, especially when you consider one of the drivers is a 21 year old male – our son AJ, who still resides at home. This is one reason why I would not want to buy a brand new vehicle, not to mention the value drops as you drive off the lot, insurance is expensive.
I am really proud that we have the money to pay our insurance in six month increments. Just a few years ago I had to pay the premium in a monthly basis, which costs more, as there is usually a processing fee tacked on for paying in this manner, and a couple of times I had no other choice but to pay with a credit card and increase our credit card debt! That was awful. Even though we are struggling financially, I am very grateful that I am still able to sock away the auto insurance money every month.
I place this money into my sinking fund account for auto insurance, so it's just a matter of moving the money from ING to my Wells Fargo account so it is there when I need to pay the bill at the end of the month.
Do you shop around when it's time to renew your auto insurance?
Go Insurance Rates is a great way to comparison shop for auto insurance and it only takes a few minutes of your time to enter the information necessary to get an online quote to see if you can save money.
Click here today to get FREE QUOTES on Auto Insurance through Go Insurance Rates!
I routinely shop my fixed costs either annually or every couple of years.
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Mrs. Accountability Reply:
August 15th, 2011 at 9:51 am
@krantcents, of course I knew you would. 🙂 Thanks for visiting and commenting.
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Of course, this post is of particular interest, considering I work as a claims adjuster for a large insurance company lol.
Surprisingly, my husband and I do not have insurance with the company I work for. We got married last fall, so we both ditched our previous auto insurance (the companies our parents were insured with) and did a lot of research. We found a company that offers competitive prices, excellent customer service, and the ability to manage our policies online (our Big 3).
If you don’t mind me sharing (not sure if I have before), I wrote a blog post related to auto insurance: http://adoseoftlc.wordpress.com/2011/06/02/welcome-to-my-world/
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It’s going to be time for me soon, and I think I should also shop around since I’ve been paying too much!
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