Finding who has the cheapest auto insurance
When I was younger, I thought car insurance would be as easy as going ‘who has the cheapest auto insurance’ and then going with them. No one ever explained all the differences – deposits, deductibles, monthly premiums, third party or comprehensive coverage! To be honest, I’m still not entirely sure I understand it fully. But I’ve been looking for the cheapest deals for a while now, and there’s some questions I’m weighing up.
Firstly, do I want third party or comprehensive? Or an in between? My wife keeps pushing for comprehensive since even if I’m a decent driver, other people on the road aren’t. And third party only wouldn’t include damage done to me by others. She’s basically vetoed third party since it doesn’t cover theft, but we’re still trying to decide between a third party plus fire and theft policy and comprehensive cover. Depending on which we choose, who has the cheapest auto insurance will change and we’ll have to get a whole new range of quotes.
That’s not just it though. We’ve then got to decide if we want to pay an upfront deposit. It’ll make the monthly payments cheaper, but requires the initial lump sum to be available. I’m in favour of it, since it’ll be out of the way, but my wife’s not as she’d rather keep a healthy savings fund – and I can see where she’s coming from. But then weighing up the monthly costs and the deductibles, I keep thinking it’s easier to have lower future payments if we know we have the money now. It’s a tricky one.
Then of course there’s the deductible – do I want to be paying more per month to avoid paying out of pocket if something happens? How likely is something to happen? My wife is more cautious than me and is happy to pay more if it means we don’t get stuck in a crisis, but even she isn’t sure exactly how much is worth looking at.
Basically, finding who has the cheapest auto insurance is a lot more work than I thought it would be! But we’re getting there – we’ve got a shortlist, and with another couple of conversations I think we’ll have reached a decision. Thankfully there’s lots of quote sites like www.autoinsurancemonkey.com, they’ve been a big help. I just didn’t realise there was so much to think about!