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Month to Month Car Insurance: Is It Too Good to Be True?

  • The Facts About Monthly Car Insurance

     

    Paying for auto insurance when you’re not using it can be painful, which is why monthly car insurance might sound like a dream come true for your wallet. But the concept leaves many wonderings if 30-day auto insurance is legitimate and if it’s the right choice for their needs.

     

    Keep reading to find out everything you need to know about month by month car insurance, so you can make the right choice for your needs. 

     

     

    Understanding Monthly Car Insurance

     

    Whether you’re planning on driving for a few days or a few months, you need car insurance. Not only is it the law, but it’s there to protect you from potential financial disaster should anything happen. 

     

    But if you’re only planning on driving a vehicle for a short period of time, purchasing six months or a year’s worth of car insurance can be a tough pill to swallow. But does monthly car insurance exist, and is it worth it? 

     

    Typically, insurance providers want you to sign up for as long of a contract as possible. But that also works in your favour: you’ll get lower premiums as a result, because you’re less of a financial risk to the insurance company. 

     

    Monthly car insurance means that insurance providers will get less out of you in terms of premiums, which raises your risk profile because if you file a claim, you’ll likely end up costing the company more than they’ve made off of you. 

     

    This is why monthly car insurance is rare, but not impossible to find. If you do find it, rest assured that the coverage is similar to, and often equal to, standard auto insurance

     

    Should I Get Month to Month Car Insurance? 

     

    If you’re looking to save money on car insurance, you have alternatives to 30-day auto insurance. These include:

     

    • Usage based car insurance: this is where your auto insurance is priced by what you actually drive. If you don’t plan on driving much but want to be insured just in case, this is a great option.
    • Rental insurance: while the insurance that comes with renting a vehicle is often overpriced, it does only last the exact amount of time you need it for.
    • Car insurance with no cancellation fee: try to find an insurance policy that doesn’t charge you to cancel it. That way, after a month or two, you can cancel the policy and pay less overall. Some policies even offer prorated refunds.
    • Car insurance discounts: at the very least, find out if you’re eligible for any (or multiple) discounts on your car insurance. These include discounts for being a good driver, for students, for those in the military, and even multi-policy discounts.

    There are plenty of ways to save on auto insurance, as long as you’re willing to look. It might be as simple as getting added temporarily to a family member’s or roommates car insurance policy for the period you need insurance. 

     

    The Bottom Line 

     

    There are no shortage of reasons for wanting 30-day auto insurance, but that doesn’t mean it’s the best temporary car insurance option for you (if you can even find it). By doing a little research, you can often find savings on car insurance to justify a longer policy. And hey, having coverage even if you’re not planning on driving isn’t always a bad thing. 

     

    At the end of the day, make sure to thoroughly explore your options before choosing a policy and request multiple quotes to find the best deal for your coverage needs.

     

    More Resources:

    How To Get Military Car Insurance Discounts?
    How To Get A Safe Driver Discount on Car Insurance?
    High Risk Auto Insurance? Get covered today!