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Car Insurance

June 26th, 2011 at 01:37 pm

DH and I have had Geico for a little over 4 years now for our car insurance. We have it automatically charged to our Discover Card each month and pay our bill in full each month. I always knew there was a service fee for paying monthly rather then paying every 6 months. So for a long time now I had been planning on "someday" doing a seperate savings account for the car insurance and being able to save money on the installment fee. I am finally ready to get that started. So I am adding it as an additional goal for 2011 since we are doing so good on our other current goals.
Our current monthly installment for full coverage on 2 cars is $66.60 + $5.00 installment fee for paying monthly = $71.60 per month. So if we pay all at once then we will save $60 a year, which is almost a whole month of premiums!
So we need to save $400 to start this, so my goal is to have that saved by December 9th, when the next 6 month payment would be due.

2 Responses to “Car Insurance”

  1. creditcardfree Says:

    Great plan on the insurance. We pay every six months and simply save for it monthly. It works so well!

  2. LuckyRobin Says:

    When we first got on the autodeductions from checking, we weren't charged a monthly fee because it was coming directly out of our account instead of us mailing it in each month. But this year the fee has been added, so I'm going to start trying to save up for the insurance ahead of time. I may not be able to do this until next year, but it's definitely going to be a goal.

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