If you are not able to pay your insurance in full at renewal time, there is a way to budget those monthly payments and save money. Here's how...
Set up automatic payments. When you set up automatic payments from your checking or savings account, the company will have a minimal installment fee or in some cases, no installment fee. You are also provided a schedule showing the dates and amount that will be withdrawn.
Pay the full year of the insurance premium with a credit card. In some cases, credit card companies offer cash back or other perks. You can pay the premium in full and apply that payment towards the cash back or perks. You can minimize any fees/interest by paying the balance on the next cycle or paying in a couple installments. Most direct billing installment fees are now $6-7 per month so it may be cheaper to pay the premium up front and pay the credit card company instead. Remember, with many companies, you pay in full, you get a discount.
Pay more than the minimum due. You can elect to double the payments and reduce the installment fees by half - or more. The insurance company will bill you monthly with a minimum or a full due. You can always any amount in between.
Auto insurance - Review your mileage driven each year. Low mileage discounts are retroactive for the last 12 months. You can compare your last state safety inspection (or two if you just had the inspection done) with your current odometer. If you drove your vehicle 7500 miles or less in the last 12 months, contact us to make sure that discount is on your policy.
Bundle the home and auto with the same insurance company. We find there are deep discounts on each policy when you do that. Contact us and let's see what we can save you.