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Thread: How do you have your car insurance payments set up?

  1. Quis custodiet ipsos custodes?
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    #1

    How do you have your car insurance payments set up?

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    I've been going over our budget for the next year and our insurance renews in December so now's a good time to change it if I'm going to change it.

    The way we have it set up now we pay for our entire policy up front. So whatever the 6-month premium is, we just pay it at the beginning of the policy and then don't worry about it until it renews again. DH likes doing it this way but it makes me slightly nervous ... it's easier for me to plan for a certain amount to come out every month than for something to come out twice a year. I'll be honest and say I've forgotten about it before and been surprised when it comes out, but we always keep enough of a buffer in our checking account that it isn't a big deal. Plus it coincides with my holiday bonus and my birthday so I guess we usually have a surplus of funds around then. It's just kind of scary to me that I forgot those few times.

    We could start paying month to month and it wouldn't really change anything. We don't save money by paying it all at once. I think DH just likes only having to pay two bills instead of 12. I don't know why I want to change it ... I can plan for a certain amount to be set aside I guess, and it just stays there instead of going towards the bill. Maybe I'm missing some pros/cons for doing it one way or the other?
  2. I'm not drunk, you're just blurry.
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    #2
    Ours is auto drafted twice a month! So we pay half of the monthly payment on the 1st and the other half on the 15th! We have ours setup through USAA and that is where our accounts are through too so we don't have to worry about it! I make sure to mark it down in my budget and we're good

    And I agree with you, having that lump sum come out twice a year would make me nervous I'm definitely a more of a month to month basis kind of person and I would forget when it was due too.


  3. Quis custodiet ipsos custodes?
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    #3
    Quote Originally Posted by amandalouwho2 View Post
    Ours is auto drafted twice a month! So we pay half of the monthly payment on the 1st and the other half on the 15th! We have ours setup through USAA and that is where our accounts are through too so we don't have to worry about it! I make sure to mark it down in my budget and we're good

    And I agree with you, having that lump sum come out twice a year would make me nervous I'm definitely a more of a month to month basis kind of person and I would forget when it was due too.
    Yeah we do ours the same way except it auto drafts just once lol. I like the automatic payments and everything (and we do get savings for that) I'm just not sure I want to keep paying it the way we are now ... I'm so used to everything being paid monthly.

    The other thing is I feel like if there any mistakes made, they'll be more apparent when we see the bill come out every month. Like earlier this year when my car got totaled, they completely canceled the insurance policy on it and I didn't notice for months and I actually only noticed because when the bill finally auto-drafted it was way too small. And again part of that is my fault because I should be checking my policy regularly, but it scared me that the coverage wasn't there and I didn't notice for so long.
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    #4
    I could be mistaken, but I always thought it was cheaper to pay every 6 mo. vs monthly. I have always paid it every 6 months because of that. I think it is based on your insurance carrier though.
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    #5
    We just have ours come out monthly. It's taken out of our account on the 17th of each month.

    It's our car insurance and rental insurance, combined, through USAA. We don't have many bills, so having it come out monthly is just what works for us.
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    #6
    Our insurance is paid once each month on the same day that car payments come out. I like having a set amount that I know will come out each month. It renews in November and May so I don't have any kind of a holiday or anything around the time that it expires to remind me and it would be a shock every six months
  7. Quis custodiet ipsos custodes?
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    #7
    Quote Originally Posted by Amanduh View Post
    I could be mistaken, but I always thought it was cheaper to pay every 6 mo. vs monthly. I have always paid it every 6 months because of that. I think it is based on your insurance carrier though.
    You're right it probably depends on carrier, I bet there are some that give discounts for paying the policy in full. I just knows for ours it isn't like that ... the only way we can change the payments to save is to set them up to be automatic.
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    #8
    Monthly. It's easier to me to do that
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    #9
    Monthly, for some reason DH has it set up to go on his credit card so it gets paid, then I pay the balance off when I pay the credit card.
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    #10
    I have State Farm, and am billed quarterly.
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