It almost seems like a bad joke from a Geico commercial: I lost my job, but the good news is I just saved a bunch of money on my car insurance!
Personal finance blogger Well-Heeled says she found a silver lining in suffering a layoff — the lack of a need to commute reduced her annual mileage estimate and slashed her premium from $75 to $60 a month.
Her example proves how it’s smart to notify your insurance agent of life changes that make you less of a risk. She writes:
So, the lesson is this: if anything changes in your life that would affect your annual mileage estimate, tell your insurance agent! Some of these changes might be (of course, these changes might also increase your mileage):
* Change in job situation (ex: layoff, new job at a closer location)
* Change in relationship (ex: if you are in a long-distance relationship but you have now moved in with each other)
* Change in living location (ex: you used to live in a rural area but have moved in a city where more nearby amenities)
What do you do to trim insurance costs?
Annual Mileage Estimate Can Lower Car Insurance Premiums [Well-Heeled Blog]