Pay auto insurance in full?

Spread the love
  • This topic is empty.
Viewing 11 posts - 1 through 11 (of 11 total)
  • Author
  • #86973 Reply

      I saw a discount of roughly 10% or $240 if the auto premium is paid annually. If you have the money to do pay it annually why wouldn’t you pay annually and save 10%?

      #86974 Reply

        Insurance Agency owner here..

        I always encourage my clients to pay in full if they can. Especially if they have multiple cars/kids and it’s a more expensive policy because it saves them more.

        No reason not to if you are able to without it hurting you financially in other areas.

        #86975 Reply

          I pay every six months because the discount is the same. I pay myself the monthly premium into a savings bucket so I have the six months available when it comes due.

          #86976 Reply

            Not only do I pay it in full and get a discount, but I use a new credit card sign up bonus when paying it to help hit my sign up bonus for free travel.

            #86977 Reply

              With Prigressive/Geico, I always pay our 6 month policies in full.

              • It’s a 15-18% discount!
              • Also gym memberships!
              • I consider it a “prepaid” asset.

              Only reason to not do it, is if you have credit card/other debt charging 20% interest.

              Suggested: Who has decent deals on term life insurance?

              #86978 Reply

                I always pay in full if it offers a discount.

                #86979 Reply

                  I think there’s some statistic that says most people can’t come up with $1000 for an emergency. I imagine even less people can come up with a chunk of money to pay a years car insurance.

                  I think when I renewed last year it was like a $400 discount to pay for the year. I jumped on that!

                  #86980 Reply

                    I don’t get a discount and still pay mine in full. It’s a good habit IMO. Then I save the estimated monthly amount for the next renewal.

                    With rates as they are I typically shop around at least every other renewal and being able to pay in full gives me the chance to jump if a discount does end up being in my favor.

                    Plus, if I end up in a jam one month I can skip that month for saving auto insurance and readjust the following month.

                    Don’t miss: Can someone help with shoppin for homeowners insurance on here?

                    #86981 Reply

                      I always pay in full. One less bill for me to worry about throughout the year.

                      #86982 Reply

                        So, this is a math question. You can get 10% up front or you can hold the money and get interest on it. Can you get 10% interest anywhere? Nope.

                        So, we take the discount for prepaying.

                        #86983 Reply

                          Just paid my 6th month premium today. Nice little “discount”. Still stupid expensive. I’ve never been offered a bigger discount to pay for 1 year at a time.

                        Viewing 11 posts - 1 through 11 (of 11 total)
                        Reply To: Pay auto insurance in full?
                        Your information:

                        Spread the love