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Car Insurance - How Low Can You Go?

Posted by Sean | Posted under Frugality, Insurance | July 10, 2008

Inspired by the frequent "I just save a ton on my car insurance" posts at FMF, I met with my insurance agent earlier this morning. Mainly because her office moved closer and now it is totally convenient. Not because I thought I would save a ton of money. (background: my car insurance is the lowest of anyone I know.) However, I had not looked at the policy in years, so maybe that would mean less-than-optimal pricing.

Sure enough, I’m paying Comp & Collision on a car that is barely worth more than the deductible! Only $54 every 6 months, but still….

Overall, I’m paying $158 every six months. So it could go down to $104 every six months. Guess the moral is do not assume expenses cannot go lower, just because they seem low. Although in this case, I will lose some savings after increasing liability from 50k/100k to 100k/300k. (Before, I had zero net worth and a new car. Now, I’ve got some net worth and an old car.)

One more data point in your car insurance comparisons…

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1 Comment so far
  1. Dawn July 15, 2008 9:04 am

    I try to check mine every couple of years. Inevitably there is something I can do about mine. This year I couldn’t get the rates to drop, but I was able to pay it all up front which got me a nice discount.