How do you pay your car insurance?
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  How do you pay your car insurance?
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Poll
Question: How do you pay your car insurance?
#1
Monthly
 
#2
Every six months
 
#3
I don't have it
 
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Total Voters: 42

Author Topic: How do you pay your car insurance?  (Read 983 times)
they don't love you like i love you
BRTD
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« on: October 03, 2016, 11:17:54 PM »

Every six months. I just did. If you pay monthly you're either poor or can't do math. (Or your company doesn't offer good paid in full deals)
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DC Al Fine
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« Reply #1 on: October 04, 2016, 04:45:19 AM »

Monthly.  The company I bought from offers great discounts for under 25's, but no annual discount Tongue I pay my life insurance annually though.
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dead0man
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« Reply #2 on: October 04, 2016, 07:13:21 AM »
« Edited: October 04, 2016, 07:16:57 AM by dead0man »

the rates are calculated for 6 months, it's then divided by 6 and I pay that each month.  I assumed that was normal...it's not?  I don't THINK I'm paying more for this feature, but I could be wrong.


edit-FYI, State Farm, full coverage on a 08 Mazda CX7 and liability on a 97 Miata (just two adult drivers). Plus term life for me at 500k and the wife for 100k all adds up to 140ish a month.  Most of it is the full coverage on the SUV.
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they don't love you like i love you
BRTD
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« Reply #3 on: October 04, 2016, 08:48:54 AM »

the rates are calculated for 6 months, it's then divided by 6 and I pay that each month.  I assumed that was normal...it's not?  I don't THINK I'm paying more for this feature, but I could be wrong.


edit-FYI, State Farm, full coverage on a 08 Mazda CX7 and liability on a 97 Miata (just two adult drivers). Plus term life for me at 500k and the wife for 100k all adds up to 140ish a month.  Most of it is the full coverage on the SUV.

Well Progressive charges less if paid in full for six months instead of the monthly.
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Tender Branson
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« Reply #4 on: October 04, 2016, 01:30:50 PM »

Yearly.

Btw, you forgot that option in the poll.
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Grumpier Than Uncle Joe
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« Reply #5 on: October 04, 2016, 02:18:20 PM »

Every six months. I just did. If you pay monthly you're either poor or can't do math. (Or your company doesn't offer good paid in full deals)

As an insurance agent for 35 years, you're a bit too narrow here in your thinking, Red.

Even with a huge paid in full discount that companies like Progressive (we represent them, I know) have, every company rates different factors with different weight.  My company insures my two cars and home together and I pay monthly on both policies.  I get a huge multi policy discount which offesets Progressive's paid in full.  My company does not charge service fees for the automatic pay plan either.

People like yourself with one vehicle and maybe a renter's policy might very well get a deal using a paid in full program, even some with conditions like mine it's worth it, but it's not always the case.
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Coolface Sock #42069
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« Reply #6 on: October 04, 2016, 02:46:06 PM »

Every six months. I just did. If you pay monthly you're either poor or can't do math. (Or your company doesn't offer good paid in full deals)

As an insurance agent for 35 years, you're a bit too narrow here in your thinking, Red.

Even with a huge paid in full discount that companies like Progressive (we represent them, I know) have, every company rates different factors with different weight.  My company insures my two cars and home together and I pay monthly on both policies.  I get a huge multi policy discount which offesets Progressive's paid in full.  My company does not charge service fees for the automatic pay plan either.

People like yourself with one vehicle and maybe a renter's policy might very well get a deal using a paid in full program, even some with conditions like mine it's worth it, but it's not always the case.
As a pricing actuary (who prices auto, homeowners, renters, and condo insurance, I'd just like to note that every company I've ever seen gives discounts for paying every six months. They're usually pretty substantial. You could still get that discount on top of your multi-line discount. Companies want your money up front so they'll be able to get more investment income from it before they have to pay it back out, and so they will usually pass that discount on to you.

the rates are calculated for 6 months, it's then divided by 6 and I pay that each month.  I assumed that was normal...it's not?  I don't THINK I'm paying more for this feature, but I could be wrong.


edit-FYI, State Farm, full coverage on a 08 Mazda CX7 and liability on a 97 Miata (just two adult drivers). Plus term life for me at 500k and the wife for 100k all adds up to 140ish a month.  Most of it is the full coverage on the SUV.

Well Progressive charges less if paid in full for six months instead of the monthly.
Yeah, here's how it works (for auto):

Your rate is calculated as a 6-month rate. Somewhere in there, a factor is applied for your payment plan. If you pay monthly, that factor might be 1. If you pay every 6 months, it might be 0.9.

Then, at the end, if you pay monthly, the rate is divided by 6, if you pay annually, it's multiplied by 2, etc. If there are service fees, these are charged upon payment and are not part of the rate.
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Grumpier Than Uncle Joe
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« Reply #7 on: October 04, 2016, 02:54:44 PM »

As a pricing actuary (who prices auto, homeowners, renters, and condo insurance, I'd just like to note that every company I've ever seen gives discounts for paying every six months. They're usually pretty substantial. You could still get that discount on top of your multi-line discount. Companies want your money up front so they'll be able to get more investment income from it before they have to pay it back out, and so they will usually pass that discount on to you.

Absolutely, but other discounts may outweigh paid in full discounts.  My company's paid in full is nice but not as good as Progressive, but I have two cars and house so I get a huge multi policy discount and I can't afford to pay both in full.  It's still cheaper than splitting them to two companies where I can pay the auto in full

Paid in full is excellent but I retain more customers who are on an automatic pay as they tend to shop less and the payments are easier to make.
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Coolface Sock #42069
whitesox130
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« Reply #8 on: October 04, 2016, 06:17:48 PM »

As a pricing actuary (who prices auto, homeowners, renters, and condo insurance, I'd just like to note that every company I've ever seen gives discounts for paying every six months. They're usually pretty substantial. You could still get that discount on top of your multi-line discount. Companies want your money up front so they'll be able to get more investment income from it before they have to pay it back out, and so they will usually pass that discount on to you.

Absolutely, but other discounts may outweigh paid in full discounts.  My company's paid in full is nice but not as good as Progressive, but I have two cars and house so I get a huge multi policy discount and I can't afford to pay both in full.  It's still cheaper than splitting them to two companies where I can pay the auto in full

Paid in full is excellent but I retain more customers who are on an automatic pay as they tend to shop less and the payments are easier to make.
Oh, I see what you're saying. Yeah, automatic-pay people seem to retain pretty well for the most part.

Never thought I'd get into a discussion about insurance pricing on Atlas.
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muon2
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« Reply #9 on: October 05, 2016, 11:36:04 PM »

I pay quarterly FWIW.
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Indy Texas
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« Reply #10 on: October 09, 2016, 12:05:06 AM »

Every six months. I have the option to pay for a full year but there's no additional discount for that, so don't really see the point.
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President Johnson
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« Reply #11 on: October 09, 2016, 06:06:09 AM »

Once a year in January.
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Coolface Sock #42069
whitesox130
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« Reply #12 on: October 09, 2016, 10:22:32 PM »

Every six months. I have the option to pay for a full year but there's no additional discount for that, so don't really see the point.
There is no point.
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Queen Mum Inks.LWC
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« Reply #13 on: October 12, 2016, 10:00:15 PM »

the rates are calculated for 6 months, it's then divided by 6 and I pay that each month.  I assumed that was normal...it's not?  I don't THINK I'm paying more for this feature, but I could be wrong.


edit-FYI, State Farm, full coverage on a 08 Mazda CX7 and liability on a 97 Miata (just two adult drivers). Plus term life for me at 500k and the wife for 100k all adds up to 140ish a month.  Most of it is the full coverage on the SUV.

Well Progressive charges less if paid in full for six months instead of the monthly.

I have Progressive too (it was the best price I found, and then the Snapshot program helped even more), and I pay the full 6 months to get the discount.
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Bunwahaha [still dunno why, but well, so be it]
tsionebreicruoc
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« Reply #14 on: October 13, 2016, 05:28:23 AM »

No insurrance to pay when.u do everything by bike, and i dont live in a city. Wink + Tongue

That being, on the matter, I recently spoke with a bus driver who told me that he had bought a small 'no license car' for his son and that they make him pay some...bloody 70€...for that ridiculously little thing blocked at 50 km/h that we call a 'yoghurt pot' in French per month.
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angus
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« Reply #15 on: October 18, 2016, 07:44:44 AM »

Once every six months.  Mine is also less expensive if I pay it every six months.  I wish they had an option every 12 months.  The registration is every 12 months.  The inspection is every 12 months.  It's silly to have insurance every six months.  What a hassle.
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Grumpier Than Uncle Joe
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« Reply #16 on: October 18, 2016, 08:24:18 AM »

Once every six months.  Mine is also less expensive if I pay it every six months.  I wish they had an option every 12 months.  The registration is every 12 months.  The inspection is every 12 months.  It's silly to have insurance every six months.  What a hassle.

How can they raise your rate in 6 months if they lock you into 12?  They may not necessarily raise it, but it will happen more often than not.
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Coolface Sock #42069
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« Reply #17 on: October 18, 2016, 09:18:47 PM »

Once every six months.  Mine is also less expensive if I pay it every six months.  I wish they had an option every 12 months.  The registration is every 12 months.  The inspection is every 12 months.  It's silly to have insurance every six months.  What a hassle.

How can they raise your rate in 6 months if they lock you into 12?  They may not necessarily raise it, but it will happen more often than not.
If your policy's renewal date is after the effective date of a rate change, your rates will change. It's that simple. Usually (but not always), this results in your price going up by 0-10%, though rarely they could go up by more than 10% or go down.
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shua
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« Reply #18 on: October 20, 2016, 09:34:34 PM »

Wait you're supposed to pay it more than once ? Sad!
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Anna Komnene
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« Reply #19 on: October 20, 2016, 09:42:12 PM »

I used to pay bigger chunks at a time, but money is tighter than it used to be thanks to Andrew Cuomo, so now I pay every couple months.
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DavidB.
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« Reply #20 on: October 21, 2016, 06:52:56 AM »

Don't have a car (normal European millennial)
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Bunwahaha [still dunno why, but well, so be it]
tsionebreicruoc
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« Reply #21 on: October 21, 2016, 06:59:47 AM »

Don't have a car (normal European Dutsch millennial)

Better
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