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.