026: Is your auto insurance policy costing you too much?

026: Is your auto insurance policy costing you too much?

We are 6 months into 2016. If you haven’t paid attention to your finances that much this year, now is the good time to make so adjustments to make 2016 your best year yet! I am still looking for more ways to reduce the waste of money!

Shop your Auto insurance

 When was the last time you reviewed your auto policy? Oh, yeah! Many of us think that once you bought a policy, you don’t need to periodically review it. But things change.

Let’s start with getting your Auto policy.

1. Take a look at declarations page

2. How old is your car?

3. What is your collision deductible? (If your car is damaged or destroyed in an accident, collision insurance coverage will typically pay to fix or replace it.)

4. Increasing your deductible for example from $250 to $1,000 could save you up to 20% on your premium.

5. You need to be able to afford this expense. This comes down to having a “Healthy Emergency” fund, 3 to 6 months of living expenses.

 
Anna Sergunina
anna@adviceonly.net

I passionately believe that in order to live a life of fulfillment and joy, we must genuinely serve each other in any way possible. I found my mission in life to serve others via financial planning. Anna regularly writes about personal finance. Her work appears on Business Insider, Nasdaq, Nerdwallet, among others. Anna is the creator of Money Flow system.

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