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August 22, 2023 at 4:06 pm #86973Alex
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%?August 22, 2023 at 4:07 pm #86974Greg
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.August 22, 2023 at 4:07 pm #86975Holly
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.August 22, 2023 at 4:08 pm #86976Matt
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.August 22, 2023 at 4:09 pm #86977Scott
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?August 22, 2023 at 4:09 pm #86978Henry
I always pay in full if it offers a discount.August 22, 2023 at 4:10 pm #86979Leslie
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!August 22, 2023 at 4:10 pm #86980Serena
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.August 22, 2023 at 4:11 pm #86981Kayla
I always pay in full. One less bill for me to worry about throughout the year.August 22, 2023 at 4:11 pm #86982Bill
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.August 22, 2023 at 4:12 pm #86983Tony
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.