Not because SCB has a full time job...
but because we put a little money aside each and every month (like we would for any bill) and pay it into a savings account marked insurance... that way we don't have to scramble for the money when the bill actually comes through 6 months down the line in November and May... which are expensive months for us with Christmas on the horizon in November... and us having to recover from my birthday, SCB's birthday, and mother's day, which always fall in a 2 week period of each other at the end of April/May.
Before I started doing this (budgeting money into savings), i'd always freak out and panic at having to part with a few hundred dollars suddenly out of no where... But now we don't have to worry.
South County Boy: 2003 Ford Escort "Sally"
- Liability Bodily Injury $100,000/$300,000
- Property Damage $50,000
- $500 Deductible for Comprehensive
- $500 Deductible for Collision
- Emergency Road Side assistance
- Uninsured Motor Vehicle Body Injury $30,000/$60,000
- Uninsured Motor Vehicle Property Damage
TOTAL: $275.56
We get a multiple line deduction, a multi-car deduction, driving safety record, California good driver, loyalty discount, and a low annual mileage discount ... which apparently is equal to $838.24 in "discounts."
South County Girl: 2004 Toyota Camry "Stitch"
- Liability Bodily Injury $100,000/$300,000
- Property Damage $50,000
- 500 deductible Comprehensive
- 500 deductible for Collision
- Emergency Roadside Assistance
- Uninsured Motor Vehicle Body Injury $30,000/$60,000
- Uninsured Motor Vehicle Property Damage
TOTAL: $361.27
We get a multiple line, a Multi-car, Driving safety record, California good driver, and a loyalty discount... which apparently saves us $741.64
Have you priced out liability-only coverage on your vehicles, by chance? I always have trouble weighing when the right time is to switch over. Often times, the amount the insurance company would pay for an older car is so laughably low that you're better off with liability only coverage and boosting the emergency fund by a couple thousand.
ReplyDeleteWe used to keep just liability of SCB's '91 Ford Escort. For us the breaking point comes from mileage and the amount of times we need to take it in for service. She we recently inherited Sally and she's only an '03, we plan to keep her insured fully because she's low mileage for her age and we wouldn't be able to feel comfortable draining our savings to replace her.
DeleteMy Camry has comparable mileage to our newer escort and since its our primary vehicle, we keep it fully covered as well. Both cars are somewhere between 60-75k I believe.
Hi there!! I just wanted to drop in and say hello, since it's been awhile since I've visited your site. Looks like you and SCB are doing well! Congrats on the emergency fund, the savings you set aside for intermittent large bills, and the progress towards the mortgage! That rocks!
ReplyDeleteGlad to see you're doing so well. :-)
Thanks Paula! Good to hear fro you. SCB and I really can't complain right now and were loving it!
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