I just received my automobile insurance renewal packet and for the first time, I really reviewed what coverages I have and what I am being charged for those coverages.
This is another area of your finances where it is important to pay close attention to what you are getting for your money. Many people stay with an insurance company so long, they don't bother to shop around for a better rate. Shopping for insurance is about as fun as going to the dentist but just like going to the dentist, it is necessary.
I just realized I am getting a number of discounts such as:
- Multiple Policy. I have my homeowners insurance, auto insurance, rental property insurance and umbrella policy with the same company.
- Paid in full. I save enough money in my freedom account to be able to pay my insurance premiums in full. I take the total amount of the premium for the year and divide it by 12. I then take that amount and have it directly deposited into my savings account each month.
- Good Payer. The insurance company I am with has not had to send my a cancellation notice as I pay my policy in full prior to the due date. As long as I continue to do this, I will keep getting the good payer discount.
- New Car. My car is less than 2 years old so I am getting a discount on my insurance premium. This is one discount I would mind not getting if my car was older and paid off.
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