Seeking Advice on Car Insurance and Savings
Hi everyone, I could really use your insights on a situation I’m facing. My husband and I are currently living with my in-laws to save money for a house. A year ago, my husband was in a car accident, and since then, he’s been too fearful to drive. As a result, his car has been sitting in the driveway uninsured.
I’ve been considering selling my paid-off car to boost our savings for a house, and I would use his car instead since he isn’t driving it. However, I’ve looked into insurance options, and the quotes are coming in at $1,300 a month for both of us due to his accident history.
With the car payment and insurance together, we would be looking at almost $2,000 a month, which is simply not feasible for us right now while we’re trying to save for a home.
Does anyone have advice on how to tackle this? Are there affordable insurance companies you recommend or strategies to mitigate the costs associated with an accident? I was contemplating just adding myself to the policy since he doesn’t drive, but it seems that I have to include him as my spouse. Any guidance would be much appreciated! Thank you!
It sounds like you’re facing a challenging situation, but it’s great that you’re considering all your options while trying to save for a house. Here are a few suggestions that might help:
Explore Different Insurers: Not all insurance companies approach risk the same way. It might be beneficial to shop around and get quotes from several different providers. Some may offer better rates, especially for your specific situation. Don’t hesitate to reach out directly to agents who might help you find discounts or alternative options.
Consider Minimum Coverage: If the car is going to be primarily for your use and your husband doesn’t plan to drive, you could look into getting minimum coverage just for liability. Depending on your state, this could potentially lower the premium significantly.
Exclude Your Husband from the Policy: While many companies require all licensed drivers in the household to be listed, some might allow you to exclude him since he isn’t driving. Call and check directly with insurers to see if that’s a possibility.
Evaluate Your Needs: Since you are living with your in-laws and attempting to save for a house, think about whether you really need to be driving two cars. Selling your car and using public transportation, biking, or ridesharing when necessary might save you a lot in insurance and maintenance costs.
Ask About Discounts: When you get quotes, make sure to ask about any discounts you might qualify for, such as bundling home and auto or good driver discounts if applicable.
Consider Usage-Based Insurance: Some insurance companies offer usage-based or pay-per-mile insurance options, which could be cheaper if the car won’t be driven much.
Reach Out to Local Resources: If you have access to community resources or financial advisors, they may offer guidance tailored to your situation, especially for saving while managing expenses.
Ultimately, finding a solution that allows you to save for your home while managing transportation needs is key, and it’s great that you’re proactive in seeking out solutions. Good luck!