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Automatic Auto Insurance

January 6th, 2016 at 09:11 pm

Our auto insurance is billed every six months, automatically to one of our credit cards. It posted yesterday in the amount of $503.18. I have $457.88 save towards that bill. On payday I will add another $152 to that savings pot, thus plenty of cash to pay it off in full.

I've been paying our auto insurance every six months for nearly our entire married life. Almost 20 years! We save monthly for the bill, but it has been less expensive to pay it only twice per year.

Do you pay your auto insurance premium yearly? Or some other frequency? Is it less expensive to pay less often for you?

Posted in Spending | 4 Comments »

4 Responses to “Automatic Auto Insurance”

  1. CB in the City Says:
    January 6th, 2016 at 10:19 pm 1452118795
    1452118795

    I pay semi-annually, and it is automatically withdrawn from my checking account. However, I get a notice ahead of time, and I can call and charge it to a credit card if I prefer. I've done this when I've been earning bonuses on credit cards.

  2. FrugalTexan75 Says:
    January 7th, 2016 at 01:35 am 1452130542
    1452130542

    I pay 2x a year. It's the same cost as paying monthly though.

  3. Xtreme Thunder Says:
    January 7th, 2016 at 01:24 pm 1452173060
    1452173060

    We pay every 6 months too for our Auto Insurance. Ours gets deducted from our Checking every 6 months when it is due as a "Pay in Full" discount is applied for a 10% savings over paying every month. I may have to start using my Chase card for that though, that could add to the cash back if our carrier allows and doesn't charge a fee for using credit.

  4. Liz Says:
    January 9th, 2016 at 04:03 am 1452312194
    1452312194

    I pay monthly, and do pay a little extra for the privilege ($5 a month). However, my insurance is $1300 for 6 months (live in NYC) and so paying in full isn't really possible right now. Eventually, I hope to be able to do so, right now, it's just in the monthly budget. One of these days, I should switch it to my Cap One Quicksilver for the cash back, but baby steps, you know?

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