Day in, day out you’re carrying the world on your shoulders and an incredibly cute kid in the back seat. But when was the last time you thought about the importance of car insurance for single moms?
You know the drill. Up at the crack of dawn, drop the kids off at daycare or school, shoot over to work just to dart back to daycare in the nick of time. Before you know it you're home and getting ready to do it all again.
It’s truly remarkable how you keep going without a second thought. But in the busy whirlwind of it all, you might be overlooking something that is weighing unnecessarily on your budget: car insurance.
If you've never applied for an insurance quote online (or even if it's been awhile) you may be spending more than necessary. Insurance rates can vary widely from company to company, even for similar coverage, so it’s critical that you get AT LEAST three quotes in order to make sure you’ve found the best deal.
Once you determine what you need (if you’re not sure, I’ll tell you how to figure it out below) head over to a respected website (that's important) and let them do the hard work for you.
LowestPolicy.com is a highly respected source of online insurance quotes, you’ll be able to give your information worry-free and they’ll come back with quotes from all the best insurance carriers in the business, saving you a ton of time AND money.
How long has it been since you’ve checked your car insurance policy?
I know that declarations page looks like it’s written in Japanese, but knowing what’s what and figuring out how much of it you really need could cut down one of the biggest bills you’ve got.
If you’re sitting there wondering what a declarations page is, that’s the first page of your current car insurance policy. Pull it out and it’ll tell you what you’re paying for.
Bodily Injury Liability (BI): Coverage that kicks in when the policyholder and/or family members on the policy cause bodily harm or death to someone else.
Property Damage Liability (PDP): When you hit something with your car, whether it’s another vehicle, a lamppost or a tree, this coverage will pay for those damages.
Medical Payments or Personal Injury Protection (PIP): If you get in an accident, this coverage pays for treating your injuries and those of anyone else in your car.
Collision Coverage: Pays for Fixing Your Car When You:
Comprehensive Coverage: Pays for loss due to theft or damage caused by something other than a collision with another car or object.
Deductible: The amount of money you’re responsible for paying before the insurance company picks up the tab.
Now that you understand what everything is, here’s how to turn that knowledge into cash in your pocket.
The higher your deductible, the lower your rate. The huge amount you’ll save on raising your deductible will offset the extra cash you’ll pay for a small claim.
I know forking over a big chunk in one shot is tough for car insurance for single moms. But if you can afford to pay for the six month policy up front, it will in fact save you money. Insurance companies charge you a fee for the convenience of making those monthly payments. Is it worth it to you?
Does your declarations page list towing as a part of your policy?
If you belong to an auto club or any sort of roadside assistance program – you're also paying for towing on your auto insurance policy. Drop the double charge!
Comprehensive and Collision coverage is optional unless you are paying off a loan on the car, in which case the bank or finance company will require you carry this coverage.
If your car is paid off and it’s old, here’s how to decide whether you’re overpaying for collision and comprehensive:
Add what you’re paying for comprehensive and collision then multiply that number by ten. If your car is worth less than the total number, you can consider dropping it.
There are SO many different discounts insurance companies offer. You really don’t know what you qualify for until you ask.
There’s a reason you go to the superstore – not only is it cheap, it saves you a ton of time because you can get everything under one roof.
Well, you can apply that concept to saving on car insurance for single moms.
A large and unbiased online quote site like LowestPolicy.com or InsWeb.com will send your information to all the companies you already know and trust. Remember, review quotes from at least three insurance companies. Ok, you’re ready to shop and save!
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