Do you pay your auto insurance monthly or all upfront?

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PostPosted: Fri May 17, 2013 12:25 pm   Post subject: Do you pay your auto insurance monthly or all upfront?  

I’ve always paid my car insurance premiums monthly but now as I’m in a budgeting program and doing well here, I was wondering if I should pay the entire 6-month premium upfront. Though there is no real benefit of doing this since the end result is same. If I pay upfront my savings account would get a hit but on the other hand I’d be free of this tension for the next 5 months.

How do you pay your auto insurance premiums? Is there any benefits you draw by paying upfront?

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PostPosted: Mon May 20, 2013 10:08 am   Post subject:   

It is better to pay all the amount upfront if you are getting any discount. Otherwise, pay in installments if you don't want to experience the burden all together.


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PostPosted: Mon May 20, 2013 12:09 pm   Post subject:   

If it's a burden to you, then paying the money through instalments is the best idea.

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PostPosted: Tue May 21, 2013 4:36 am   Post subject:   

Most insurance companies add a surcharge to each payment when you don't pay in full with one check. The surcharge can be anywhere from $2 to $10 per payment. So be sure that you AREN'T paying one before you decide not to pay in full. Several companies waive the surcharge if you allow them to automatically debit your bank account.


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