Ok ... the ever present coupon queen in me, makes it very hard to let go of $652, even if it is for our car insurance. I used to think however that paying monthly was great because I did not have to let go of a lump sum all at once and let's face it most of the times we do not have that kind of spare change just lying around. Needless to say I am a convert to paying in full. Here is an example of how much you could be saving by paying you premium in full:
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| | $544.00 total cost for 6 months | |
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| | Pay $113.69 now, then 5 installments of $101.06
$618.99 total cost including fees (includes $43.00 discount) | |
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| | Pay installments by Web, phone, or mail
(includes $5.00 fee per installment*) | |
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| | Pay $113.69 now, then 5 installments of $113.67
$682.00 total cost including fees |
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As you can see paying in full (we do this online via a card that gives us 4 points per dollar) saves an extra $108. This is every 6 months so over $200 per year. Check with your insurance company what options are available to you.
Happy hunting
Tamra
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