Since we budget monthly to pay for all of our insurance bills, we already have the money set aside to cover the $638.43 that's do to cover both of our cars... and after this crazy money month, I'm glad we save a little each month because i'd be pulling my hair out trying to figure out where I was going to find the money!
So how do we figure out how much to save each month? Just some basic Math. We figure out how much each of our policies costs for the year, and just divide by 12 to get our monthly amount.
Earthquake- $187 a year ($15.58 a month)
Homeowners- $297 a year ($24.75 a month)
Homeowners- $297 a year ($24.75 a month)
"Stitch" - $722.54 a year ($60.21 a month)
"Sally" - $554.32 a year ($46.19 a month)
So we should be saving $147 a month towards insurance. Next month we will increase it from our current $143 monthly savings.
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: $277.16 --> Increase of $1.16 from last year.
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 --> Identical to last year
We get a multiple line, a Multi-car, Driving safety record, California good driver, and a loyalty discount... which apparently saves us $741.64
Can you pay with a credit card? I do that so I get the points.
ReplyDeleteWe pay with our 1.5% cash back Credit Card so we get a little back after the fact. We do the monthly amount into a savings account that we have labeled insurance so we don't spend it, then pull it out of savings to pay the CC.
DeleteHave you thought about dropping full coverage on your older car? It would probably save quite a bit per month. Chances are the insurance company would not pay out much if it were to get totaled.
ReplyDeleteWe actually just got that car last year, so we plan to keep it for sometime and couldn't replace it if it was totaled so we keep the insurance.
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