Seeking Advice on Car Insurance and Saving for a House
Hi everyone,
I could really use some guidance regarding our current situation. My husband and I are living with his parents to save for a house. About a year ago, my husband was in a car accident and now has a fear of driving, so he hasn’t been behind the wheel since. His car has been sitting in the driveway uninsured and unused.
I’m considering selling my paid-off car to boost our savings for a house and driving his car instead since he doesn’t use it. However, we’re facing a huge hurdle with insurance—quotes are coming in around $1300 a month for both of us due to his previous accident.
With a monthly car payment and that insurance cost, we’re looking at nearly $2000 a month, which we simply can’t afford while trying to save for a home.
Does anyone have any suggestions for lower-cost insurance providers or strategies to manage the costs associated with a past accident? I thought about just adding myself to the policy, but it seems I’d have to include him as well, even though he doesn’t drive.
Any advice or tips would be greatly appreciated! Thank you!
It sounds like you’re in a tough situation, but you’re taking proactive steps to save for a house, which is great! Here are some suggestions that might help you navigate your car insurance dilemma and overall expenses:
Shop Around for Insurance: Not all insurance providers offer the same rates, especially for those who have had accidents. Consider getting quotes from multiple insurance companies to see if you can find a lower rate. You might also want to look into companies that specialize in high-risk drivers or that offer discounts for bundling insurance policies.
Consider Minimum Coverage: Depending on your state’s requirements, you might be able to lower your monthly premium by opting for minimum coverage. This is generally less expensive, but be sure to weigh the financial risk in case of an accident.
Add Just Yourself to the Policy: While many insurance companies do require that spouses are on the same policy, it’s worth reaching out to various providers directly to explain your situation. Some may allow you to only insure yourself, especially if your husband isn’t driving.
Maintain a Clean Driving Record: Once your husband feels comfortable driving again, keeping a clean driving record can help reduce insurance premiums over time. If possible, he could consider taking a driver safety course, which sometimes provides a discount on insurance.
Evaluate Your Needs: Since your husband isn’t driving, consider if it’s necessary for both cars to be insured right now. If you decide to sell your car, make sure you have a reliable plan for getting around for now.
Temporary Insurance Options: Look into temporary or short-term insurance options if you plan on driving the car infrequently. This can be a more cost-effective solution until you’re in a better position financially.
Consult with an Insurance Agent: Sometimes talking to a knowledgeable insurance agent can help clarify what options are available to suit your specific situation.
Savings Plan: Continue working on your savings plan while exploring these options. Every bit saved, even in insurance, gets you closer to your goal of homeownership.
It’s important to balance your immediate needs with long-term goals, so take your time to compare all options available. Good luck!