How to Get Help With Your Car Insurance Payments

You need your car to get to work, but your paycheck just barely covers essentials and your car insurance payments may be stretching your budget thin enough to break. So what do you do? Here are some options.

How to Afford Your Car Insurance Payments Today

Biannual insurance payments often have a habit of landing just when our budget has run out. When you need money for car insurance, here are potential options to consider:

While borrowing money from relatives or friends can lead to potentially complicated dynamics, asking for financial assistance may help you get the money you need.

An installment loan may give you the cash you need to pay essential bills. Remember that you must pay the installment loan back so you want to have a game plan before you apply.

If the car insurance payment date just catches you between paychecks, a cash advance can ease your mind about your car while you plan out repayment.

The downside of putting bills on credit is that while the bills get paid  you will have to pay back the balance along with interest.

How to Lower Your Car Insurance Rates

Is your insurance rate as low as it could be? Here, some tips to consider before you talk to your car insurance agent.

Some insurers offer discounts to customers who drive under a certain number of miles per year or have a clean driving record.

If monthly payments are a real problem, then it may make sense to raise your deductible.

Is your policy as competitive as it could be? You don’t need to switch insurers to improve your rates; simply letting your current insurer know that their competitor offers a lower rate.

Avoid Late Payments for Your Car Insurance

If you need a car to get to work, car insurance should be considered an essential line in your budget. Once your rate is as low as possible, here are ways to plan for the next round of car insurance:

• Slash your budget elsewhere. Can you be paying less for your phone or Internet? Are there any services, like a monthly streaming service, that you can cut temporarily?
• Start a side hustle. Whether it’s taking on driving or errand jobs or selling stuff online, it could be a way to make the money you need to continue to pay for car insurance.
• Switch to a relative or friend’s plan. If you can’t afford your premiums, ask a relative or family member to be added as a driver on their plan. This will increase their rate, so it’s important to have an agreement in place.