Penny Wise, Pound Foolish? – Auto Insurance Renewal

Auto insurance is one of those necessary expenses in my opinion.  But at the same time I recently came to the conclusion that maybe I don’t need as much coverage.  You see I own a 2007 Honda Fit and it has been truly an amazing car.  It still runs really well but it is getting old and the age is starting to show.  It has some rust spots that have started in the wheel wells and the interior, although I try to maintain it, is also showing some signs of wear.  When you put this together with the mileage of 135,000+ it isn’t worth a whole lot.  After doing some calculations on Kelley Blue Book I determined my resale value is anywhere between $2,000-$3,000.  Now this car likely has many years left and I am not ready to get rid of it but it did make me think when my semi-annual auto insurance renewal came in this summer.  Is it really worth paying $355.83 every 6 months when the total value isn’t all that high?

My first step was to go to another insurance carrier to get a quote matching my current policy.  I was able to find something less expensive so my next call was to my existing insurance agent.  Although I might be able to move my auto coverage to another carrier there was a huge downside.  We currently have the property insurance for both properties as well as the auto insurance all with Allstate.  If I were to move my auto insurance to another carrier I would lose my multi-policy discount on the homeowners policies.  This difference was more than the savings I would receive for switching the auto insurance.  No go with that plan. Continue reading “Penny Wise, Pound Foolish? – Auto Insurance Renewal”

“Coasting” FI

I haven’t been blogging a whole lot recently as I have been trying to get out and enjoy life and be present in the moment.  Sometimes I spend a little too much time dreaming about the future that I forget to enjoy the present and what is right in front of me.  The past few months have been about improving myself, finding balance, and enjoying life.  After all, we need to make sure to enjoy life now and not wait until we hit our FI goals.

One of my many hikes this summer.

One thing I have been doing though when I have extra time is checking out the Financial Independence boards of Reddit.  A question that has been asked a lot recently is what if you want to leave your full time job but don’t mind working in some lesser capacity – what are your options?  This perfectly fits our lives and what we are striving for.  I hate being tied down to my desk 40 hours per week, often times bored out of my mind, but I don’t mind some work.  I actually think that working 3 days a week might actually be kinda nice as it would give me a little purpose, and also a little income.

I have discussed our plan previously but didn’t have any terminology for it.   Continue reading ““Coasting” FI”