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?
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Answered on Apr 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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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