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Auto Insurance Paid for the Year

January 3rd, 2015 at 11:14 pm

I paid our car insurance for the year in a single payment. It was $579.

This is the third year I've been able to pay it in a single payment using savings. Boy, is it a good feeling. Smile

It's nice that it saves me a little time because I don't have to make the monthly payments. But, I do it because it saves us money.

The insurance company charges a $7/month billing fee. They split the bill into 11 payments, so we save $77 dollars for the year by paying all at once.

I can't think of another bill where we could save by paying all at once.
Do you have any bills that save you money by paying all at once?

5 Responses to “Auto Insurance Paid for the Year”

  1. creditcardfree Says:

    I'm pretty sure we save on our insurance by paying 6 months at a time. Not sure we could pay it for one year, never noticed it as an option.

  2. FrugalTexan75 Says:

    I pay my auto insurance 2x a year, but I don't think I get any break for it. I pay my life insurance 1x a year, and again, I don't think I get a break for it.

    I don't think Geico offers a 1x per year option, otherwise I'd go for that. Smile

  3. snafu Says:

    It's definitely a bite but I save over $ 100 by paying both condo [dwelling] insurance and insurance for two vehicles rather than via monthly payments. That's in addition to saving by consolidating insurance through one broker/supplier who asks for bids to cover your needs. As your insurance renewal date approaches, it's important to examine and understand your policy's details. For example, is coverage appropriate to value of dwelling and vehicles? Are deductibles reasonable? Would it be more cost effective to carry a higher deductible if you can cover it from your emergency fund? It's truly in your interest to know what your insurance covers and does not cover now, before things go wrong and you need to file a claim.

    It's worth the time it take to call your agent to ask the cost for an annual premium to compare with how much you pay monthly times 12. A lot of people operate a free, linked to chequing savings account and automatically transfer the appropriate sum 26 times a year of paid bi weekly or 24 times if paid 1st & 15th. Those of us paid month transfer each pay for all those intermittent bills.

  4. Kiki Says:

    I always pay my car insurance once a year to save the monthly fee they charge for monthly payments. Been doing it for about 7 years.

  5. rob62521 Says:

    We pay our homeowner's insurance once a year and it saves us a fee. Not sure what else we could do that with.

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