Hustler’s Saving Money Tip of the Day:
One of the things I learn with car insurance is that you can always cancel your policy at any time. There is no early termination fee and you get your money back pro-rated if you pay it full in advance. Since rates are always changing, you can be sure to find a lower price from all the competitors.
It took me less than 5 minutes to find a lower rate by going through online with Netquote. After filling out online, the offers begin to pour in from at least 10 insurance companies. The major companies include Farmers, Allstate, Progressive, Nationwide, and many more. I put in the year and model of my car, along with the type of coverage I would like, and they will email you the best rates. I didn’t put my real phone number because I didn’t want to be bothered with them calling.
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If you cancel your car insurance mid-term there is usually a short rate penalty. Which generally means the carrier will retain 10% of the return premium.
Lets say you pay $1,000 per year if you cancel after 6 months you will only get back $450.