October 17, 2007

Auto Insurance

For the 1st time ever, we plan to pay my auto insurance bill in a lump sum payment. We typically finance the 12 months of auto insurance thru AAA, costing us an extra $58.73 annually. Here’s the breakdown:

$1,041.73 12 months coverage
-$103.00 AAA credit for 12 years of membership
$880.00 balance due

$58.73 cost to finance payments for 9 months
$938.73 total amount paid if financed

An added benefit is that we will have one less bill to pay every month.


JW said...

With us paying $137 per month for auto insurance we anxiously look forward for the day when we can pay for it in one lump sum in order to save...

1MansMoney said...

Yeah, it's not a huge savings but every little bit counts.