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Should I pay semi-annually for my car insurance policy?
I was talking to some friends and they all pay their car insurance premiums monthly. I pay semi-annually. Is there any advantage to paying six months upfront for my car insurance policy?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Typically, an insurer allows you to pay for
car insurance
in monthly installments or upfront on a semi-annual or annual basis.The advantage of paying semi-annually is that you can usually get a discount for paying in full. So the issue becomes whether or not you can afford to pay your premium upfront.
You’ll save money by paying semi-annually, but if you don’t have the budget to do this, there’s no sense in stretching yourself too thin. If you have the cash, go for it. “
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- Gregory R.
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